Crypto.com acquires Fintek Securities, a brokerage regulated by ASIC.
CEO Kris Marszalek aims to create an all-in-one financial platform.
Crypto.com has announced the acquisition of Fintek Securities Pty Ltd., a brokerage service regulated by the Australian Securities and Investments Commission (ASIC). This acquisition, revealed on November 14, 2024, allows Crypto.com to offer a wider range of financial services to eligible users in Australia.
Today we’re proud to announce the acquisition of Australia-based Fintek Securities Pte Ltd.This acquisition will allow us to offer deposit products, derivatives, securities, foreign exchange, and managed investment schemes to more users in Australia.This is another solid step… pic.twitter.com/85ydR8WL5B
— Crypto.com (@cryptocom) November 14, 2024
With this acquisition, Crypto.com gains the ability to offer a wider range of financial products to eligible customers in Australia. These products include deposit products, derivatives, securities, foreign exchange, and managed investment schemes.
Importantly, Crypto.com’s move into traditional financial services marks its second acquisition aimed at building a comprehensive brokerage operation. The company acquired Watchdog Capital, a U.S.-registered broker-dealer, to expand its offerings in the United States.
Crypto.com Expands in Australia
CEO Kris Marszalek explained that the acquisition supports Crypto.com’s goal of becoming a comprehensive financial services platform. By integrating both crypto and traditional finance, the company aims to simplify financial management for its users. Marszalek added that more details about the new services and product offerings will be shared in the coming weeks.
Crypto.com has yet to specify the exact launch timeline or eligibility criteria for the new services in Australia. However, the company has indicated that the products will be available to eligible users. Further information on the eligibility requirements is expected in future announcements.
This acquisition strengthens Crypto.com’s position in Australia and allows the company to operate under the regulatory oversight of ASIC. The move comes at a time when Australian regulators have been increasing scrutiny of financial service providers, emphasizing the importance of compliance with local regulations.For Australian users, this acquisition paves the way for access to new financial products and services in the near future. Crypto.com continues to focus on expanding its offerings globally, aiming to bridge the gap between cryptocurrency and traditional finance. As the company works towards launching these new services, users can expect to see further developments in 2025.
Highlighted Crypto News TodayCan the UK Outpace the US in the Pro-Crypto Regulation Race?