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Singaporean cryptocurrency exchange Crypto.com has announced a significant agreement with international bank Standard Chartered. This partnership aims to provide fiat services to exchange clients in the United Arab Emirates (UAE).

According to the terms of the agreement, Standard Chartered will provide Crypto.com with banking and payment solutions. This will allow users of the crypto platform to make deposits in US dollars, euros, and UAE dirhams. Additionally, exchange clients will be able to withdraw crypto assets in these currencies through the Crypto.com app.

Initially, these services will only be available to retail clients in the UAE. However, the exchange plans to expand the availability of these services to users worldwide in the future.

In addition to fiat operations, users from the UAE will gain access to all Crypto.com products and services, including the ability to trade all cryptocurrencies listed on the exchange.

Crypto.com’s management emphasized that it is actively cooperating with Dubai’s Virtual Assets Regulatory Authority (VARA), demonstrating its commitment to comply with local regulatory requirements.

This partnership is an important step for Crypto.com in expanding its presence in the Middle East. However, it’s worth noting that the exchange faces regulatory challenges in other regions. In March 2024, the Central Bank of the Netherlands imposed a fine of 2.85 million euros (about $3.1 million) on Crypto.com for operating without proper registration. Furthermore, in April, the exchange was forced to postpone the launch of its trading platform in South Korea due to increased scrutiny from local regulators.

Despite these difficulties, the partnership with Standard Chartered in the UAE demonstrates Crypto.com’s commitment to expanding its operations and complying with regulatory requirements in new markets.