Retail broker Crypto.com announced on Wednesday that it has received approval to acquire the Cypriot entity of broker LegacyFX.
In a statement, the crypto firm said that the Cyprus Securities and Exchange Commission (CySEC) had given it the green light to acquire A.N. Allnew Investments Ltd.
Although the broker’s website is still live, this holding company operates the LegacyFX entity that provides services in the European Union. LegacyFX also has a license in Vanuatu.
Crypto.com said that the license will allow it to offer “eligible users a broad range of financial products, including securities, derivatives, contracts for difference and more.”
The crypto trading firm has said previously that it wants to add cash equities, options trading, and CFDs for its different global entities.
Crypto.com referred to its product roadmap in the statement it published on Wednesday.
One part of that roadmap is adding FX, commodities, and index derivatives in the third quarter of this year. This would suggest the idea of adding CFDs is not a theoretical one but something the company actually plans on doing.
Crypto.com expanding aggressively, going beyond crypto
The addition of a CySEC license comes after Crypto.com received approval for a Markets in Crypto Assets (‘MiCA’) license in January of this year from the Maltese regulator.
The company has been expanding very aggressively since the end of last year. Since October of 2024, the crypto broker has acquired licences in Australia, Mauritius, the UAE, and the US.
Significantly, those acquisitions were not for crypto permissions. Instead they were all structured to allow the company to offer other products.
For example, the firm said its decision to acquire US broker Watchdog Capital was so that it could offer US clients equities and options.
How successful these efforts will be remains to be seen. Crypto firms have huge mass appeal and it’s plausible they will be able to simply cross sell these clients other services. On the other hand, the idea of crypto as being an alternative to traditional assets could mean these products don’t sit well alongside each other.
