Crypto.com Expands Financial Services Amid Polish Regulatory Scrutiny
In a week of mixed developments for Crypto.com, the cryptocurrency platform announced a major expansion into traditional financial services while facing regulatory challenges in Poland.
The Singapore-based company revealed plans on November 6 to launch banking services, credit cards, and stock trading through its network of companies, all unified under a new “Level Up” rewards program. The initiative promises substantial benefits for higher-tier customers, including up to 8% rewards on card spending in the first year and 7.5% rewards on idle cash balances.
“This product expansion represents our most aggressive push across traditional and digital finance,” said Eric Anziani, President and COO of Crypto.com. The platform aims to offer commission-free stock trading through Foris Capital US LLC, while banking services will be provided through partnerships with established institutions.
However, just hours after this announcement, the Polish Financial Supervision Authority (KNF) issued a public warning about Foris DAX MT, Crypto.com’s Malta-based operator. The regulator cited concerns about unauthorized financial activities in Poland, prompting a referral to the Warsaw Regional Prosecutor’s Office.A Crypto.com spokesperson responded to the Polish regulatory action, stating, “We are aware of an update from the KNF in Poland and are working closely with our counsel to resolve any questions the regulator may have regarding our services.”
This regulatory challenge emerges as Crypto.com, which claims 100 million users globally, positions itself to compete more directly with traditional financial institutions. The company’s CEO, Kris Marszalek, emphasized a return to the platform’s roots, noting, “While our sports partnerships certainly contributed to our brand visibility, we were known by our users and community as the place with the best product offering and the highest rewards.”
The Level Up program is scheduled to launch on December 5, 2024, with specific details about banking services and credit card offerings to be announced in the coming weeks. The company maintains that all services will be subject to local jurisdictional requirements and regulatory approval.
