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BlockNews
Home BUSINESS

Everything You Need to Know About CryptoCom’s New Acquisition

Michael Juanico by Michael Juanico
October 31, 2024
in BUSINESS, CRYPTO, FINANCE
Reading Time: 3 mins read
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• Crypto.com has acquired Watchdog Capital, a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC)
• The acquisition will allow Crypto.com’s subsidiary in the U.S. to offer stocks and equity options to eligible traders
• Watchdog Capital was established by Bruce Fenton, a long-time advocate for digital assets

Cryptocurrency exchange Cryptocom has announced the acquisition of Watchdog Capital, a broker-dealer registered with the United States Securities and Exchange Commission (SEC). This move will allow Cryptocom to expand its offerings beyond just cryptocurrencies by also providing stocks and equity options to eligible US traders.

JUST IN: @cryptocom has acquired Watchdog Capital, a U.S.-based SEC-registered broker-dealer, enabling it to offer stocks and equity options to eligible American traders pic.twitter.com/yQtexozFCH

— BlockNews.com (@blocknewsdotcom) October 31, 2024

Cryptocom’s Growing Ambitions

The acquisition of Watchdog Capital, which is also a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC), will allow Cryptocom to integrate traditional financial tools with digital capabilities. Cryptocom aims to become an industry leader in the cryptocurrency space by obtaining the necessary licenses and registrations to operate legally.

According to Cryptocom CEO Kris Marszalek, the company is “aggressively working towards integrating traditional financial tools with digital financial capabilities.” Marszalek stated that Cryptocom is doing this “while maintaining our focus on building responsibly with the necessary licenses and registrations to operate as the industry’s leader.”

Cryptocom’s Regulatory Battles

The acquisition comes just weeks after Cryptocom filed a lawsuit against the SEC after receiving a Wells notice from the regulator. Cryptocom joins a series of crypto companies currently battling regulatory action from the SEC.

While Cryptocom is headquartered in Singapore, it officially launched services in the US in March 2022, initially only focusing on institutional investors. Cryptocom did announce a suspension of US services in June 2023 due to limited demand during the crypto winter.

Looking Ahead

With over 100 million users worldwide, Cryptocom is pushing forward with global expansion plans despite regulatory uncertainty in the US. The company recently partnered with Standard Chartered Bank to enable fiat deposits and withdrawals in over 90 countries through its app.

Cryptocom is determined to become a leading force in integrating traditional finance with digital assets. The acquisition of Watchdog Capital marks a major step forward in this vision. However, ongoing legal battles with the SEC pose a threat to Cryptocom’s ambitions. The coming months will be crucial in determining the scope of Cryptocom’s future US presence.

cointelegraph.com

Conclusion

Cryptocom’s acquisition of an SEC-registered broker represents a bold expansion strategy amid turbulent market conditions. With its sights set on bringing stocks and equities to its platform, Cryptocom aims to become a centralized hub for all financial needs. But regulatory roadblocks may present significant challenges. Cryptocom’s push into traditional finance promises further convergence between mainstream and crypto finance.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: CryptocomFINRAsecSIPCWatchdog Capital
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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