Crypto.com taps Standard Chartered to expand global fiat services

Singapore-based crypto exchange Crypto.com has unveiled a new retail services business to expand access to U.S. dollars, euros and United Arab Emirates dirham in partnership with Standard Chartered. The global retail services will be managed from Crypto.com's regional hub in Dubai and be available in 90 countries.

"Not only is it a significant step forward in our global expansion plans, but also enables our commitment to delivering a world-class customer experience whilst maintaining the highest levels of security and compliance,” President and COO of Crypto.com Eric Anziani said in a statement published Thursday.

The service, which will support “seamless” fiat deposits and withdrawals via the Crypto.com App, will roll out next month beginning with customers in the UAE and expand from there. Standard Chartered Bank is providing the “tailored” banking and payment solutions.

Dubai has become a hub for crypto activity since the emirate launched its bespoke Virtual Assets Regulatory Authority (VARA) regulatory regime in 2022. Crypto.com, founded in 2016, was one of the first exchanges to achieve regulatory approval to operate in the region, where it set up a regional hub and launched an institutionally-focused unit.

“This collaboration closely aligns with the UAE’s National Agenda which emphasises innovation, economic diversification, and the growth of a knowledge-based economy,” said Rola Abu Manneh, Standard Chartered’s CEO for the UAE, Middle East and Pakistan regions.