Crypto.com Expands Financial Services by Acquiring SEC-Registered Broker
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Cryptocurrency exchange Crypto.com has acquired Watchdog Capital, a broker-dealer registered with the U.S. Securities and Exchange Commission (SEC).
This acquisition will enable Crypto.com’s U.S. subsidiary to offer stocks and equity options to eligible traders, expanding its financial services beyond cryptocurrency.
Watchdog Capital, founded by digital asset advocate Bruce Fenton, is also a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Kris Marszalek, CEO of Crypto.com, emphasized the company’s commitment to integrating traditional financial tools with digital capabilities while ensuring compliance with necessary licenses and registrations.
The acquisition follows Crypto.com’s legal action against the SEC after receiving a Wells notice, with Marszalek alleging that the SEC has overstepped its statutory authority.
Since its launch in the U.S. in March 2022, Crypto.com initially targeted institutional investors but temporarily suspended services in the country in June 2023 due to limited demand during the crypto winter. However, some Reddit users claimed the platform continued to operate for retail clients.
Crypto.com boasts over 100 million users globally and has recently partnered with Standard Chartered Bank to facilitate fiat currency deposits and withdrawals in more than 90 countries.
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