President Donald Trump’s media group is forming a partnership with a Singapore-based cryptocurrency exchange. According to a statement, the collaboration involves Bitcoin and other unspecified digital assets, as well as the inclusion of Cronos, a cryptocurrency linked to Crypto.com.
This development aligns Trump’s media company, in which he holds a majority stake, with a business that has recently faced scrutiny from U.S. regulatory bodies. In August of the previous year, Crypto.com received a Wells Notice from the Securities and Exchange Commission (SEC). This notice indicated the agency’s intention to file a lawsuit, alleging violations of securities laws. Prior to the formal lawsuit, Crypto.com took legal action against the SEC, arguing that the agency was acting beyond its jurisdiction. Subsequently, Crypto.com retracted its complaint in December after a meeting between CEO Kris Marszalek and then President-elect Trump at Mar-a-Lago. The Trump Media & Technology Group did not provide an immediate response to Fortune’s request for further comment.
The Singapore-based company has rapidly gained popularity as one of the leading centralized cryptocurrency exchanges. It rose in the ranks from the 13th highest in trading volume to the third position within the past year, as reported by CoinGecko, a crypto analytics platform.
This information was originally published on Fortune.com.
