Crackon has obtained an electronic money institution license from the UK’s Financial Conduction Authority.
Approval Crackon provides rapid deposits and withdrawal facilities for UK customers.
With this authority, the exchange can establish partnership with traditional financial institutions and introduce new products to the UK users. Bivu Das, General Manager of the UK of Crackon, said that the exchange is preparing to meet the growing demand for crypto-based financial services in the country.
Das said, “UK Mass Crypto is on the verge of adoption, and the crackon is ready to lead the route with industry-agronic products,” Das said.
UK has 12% of adults crypto
The regulatory approval of the crackon comes when the UK looks for increasing interest in cryptocurrency investment.
According to FCA ResearchMore than seven million UK adults – 12% of adult population – now their own crypto property. The exchange has also seen an increase in GBP-Denominated Trading Volumes, strengthening Britain globally as one of its most active markets.
The EMI license follows the recent approval of the crackon under the European Union’s Mifid framework, allowing it to offer a regulated derivatives to European traders. By gaining compliance with both the UK and the European Union regulators, Crackon keeps itself as a prominent player in the integration of Crypto with traditional finance.
Crackon has been active in the UK since 2014, when it became the first major exchange to introduce the BTC/GBP trading pair. The platform now offers trading for more than 300 cryptocurrency and provides several fiat honoramps for British users.
Additionally, Crackon has expanded its appearance through the UK sports brands such as Williams Racing F1 and Tottenham Hotspur FC.
The company plans to roll new crypto and fiat products in the coming months, which aim to provide more equipment to UK users to manage their digital assets. These upcoming offerings are expected to increase the role of Crackon in the developed crypto scenario of the country.
