Foris DAX Inc. has emerged as a significant entity in the financial technology and cryptocurrency sectors, particularly through its strategic acquisitions and affiliations. Foris DAX Inc. operates as a branch of the well-known international cryptocurrency exchange, Crypto.com..has played a pivotal role in expanding Crypto.com’s footprint in the North American market.
Here is a structured table summarizing key information about Foris DAX Inc.
| Aspect | Details |
| Company Name | Foris DAX Inc. |
| Industry | Financial Technology, Cryptocurrency |
| Parent Company | Crypto.com |
| Key Acquisitions | North American Derivatives Exchange (Nadex), 39% Stake in Small Exchange |
| Acquisition Deal Value | $220 million |
| Acquisition Completion Date | March 1, 2022 |
| Purpose of Acquisition | Expand Crypto.com’s footprint in derivatives and futures trading |
| Nadex Overview | Retail-focused, regulated online exchange and clearinghouse for derivatives on forex, commodities, and stock indices |
| Small Exchange Overview | Futures trading platform launched in 2019 to make futures markets accessible to retail investors |
| Reacquisition of Small Exchange | IG Group reacquired Small Exchange from Foris DAX Markets on April 3, 2023 |
| Reason for Reacquisition | IG Group aimed to expand its product offerings and leverage Small Exchange’s proprietary trading technology |
| Regulatory & Customer Challenges | 716 financial complaints reported (fraud, transaction issues, incorrect charges, delayed funds) |
| Regulatory Concerns | Increased scrutiny due to customer dissatisfaction and financial transaction disputes |
| Future Outlook | Requires improvements in customer service and compliance to sustain growth |
This table presents a clear, structured view of Foris DAX Inc.’s operations, acquisitions, challenges, and strategic moves. here is some details:
Acquisition of North American Derivatives Exchange (Nadex) and Stake in Small Exchange
In a strategic move to enhance its presence in the derivatives market, Foris DAX Inc. entered into an agreement to acquire the North American Derivatives Exchange, Inc. (Nadex) and a 39% stake in Small Exchange, Inc. from IG Group Holdings plc. The deal, valued at approximately $220 million, was executed on December 1, 2021, and completed on March 1, 2022. This acquisition allowed Foris DAX Inc. to integrate these platforms under the Crypto.com brand, thereby broadening its service offerings to include a wider range of financial products and services.
Nadex, a prominent retail-focused, regulated online exchange and clearinghouse, specializes in offering derivative products on various markets, including forex, commodities, and stock indices. The Small Exchange, based in Chicago and launched in 2019, aims to make futures markets more accessible to individual investors. By acquiring these platforms, Foris DAX Inc. sought to democratize access to derivatives trading, aligning with Crypto.com’s mission to accelerate the world’s transition to cryptocurrency.
Reacquisition of Small Exchange by IG Group
In an interesting turn of events, IG Group announced on April 3, 2023, that it had entered into an agreement with Foris DAX Markets, Inc. to reacquire the Small Exchange. IG Group, which previously held a stake in the Small Exchange before its acquisition by Foris DAX Markets, aimed to expand its range of products and services available to retail investors and traders in the U.S. This move also allowed IG Group to leverage the Small Exchange’s advanced trading technology, including its proprietary trading system, risk-monitoring system, and matching engine.
Tom Sosnoff, Founder of tastylive, a subsidiary of IG Group, expressed enthusiasm about the reacquisition, stating, “The future of market structure in the US depends heavily on product innovation at the exchange level, and I’m confident we can build an exchange that will scale and become a market leader over the next decade.” This statement underscores the strategic importance of the Small Exchange in IG Group’s plans to innovate and lead in the U.S. market.
Foris DAX Inc. Payment Processing Services
Foris DAX Inc., a subsidiary of Crypto.com, provides payment processing services primarily focused on cryptocurrency transactions, fiat conversions, and financial technology integrations. The company facilitates smooth, secure, and regulated payment solutions for users engaging in digital asset transactions.
How Foris DAX Inc. Handles Transactions
| Aspect | Details |
| Transaction Types | Supports cryptocurrency payments, fiat deposits & withdrawals, peer-to-peer (P2P) transfers, and exchange-based transactions. |
| Payment Methods | Users can fund accounts via bank transfers, credit/debit cards, crypto wallets, and wire transfers. |
| Crypto-to-Fiat Conversion | Enables instant conversion of cryptocurrencies into fiat currencies for merchants and users. |
| Merchant Services | Provides businesses with tools to accept cryptocurrency payments through Crypto.com Pay. |
| Security Measures | Utilizes encryption, two-factor authentication (2FA), fraud monitoring, and blockchain security. |
| Settlement Process | Transactions are settled almost instantly for crypto payments, while fiat settlements may take 1-3 business days. |
| Transaction Fees | Fees vary based on the payment method, blockchain network congestion, and currency conversion rates. |
| Regulatory Compliance | Operates under strict financial regulations and holds multiple Money Transmitter Licenses (MTLs) across U.S. states. |
| Customer Support | Provides 24/7 support for transaction disputes, refunds, and security concerns. |
Foris DAX Inc. plays a key role in facilitating seamless payments within Crypto.com’s ecosystem, offering users and businesses efficient and secure transaction solutions. Let me know if you need more details!
Customer Complaints and Regulatory Scrutiny
Despite its strategic expansions, Foris DAX Inc. has faced challenges, particularly concerning customer satisfaction and regulatory scrutiny. As of early 2025, the company has been the subject of numerous financial complaints. A significant number of these complaints, totaling 716, have been registered on the Financial Complaints website. The issues reported by customers encompass a range of problems, including fraud or scam allegations, transaction problems, incorrect amounts charged or received, and money not being available when promised. citeturn0search3
These complaints highlight the challenges that Foris DAX Inc. faces in maintaining customer trust and satisfaction in the rapidly evolving and often volatile cryptocurrency market. Addressing these issues is crucial for the company’s reputation and its ability to retain and grow its user base.
Foris DAX, Inc
Here is the structured table for Foris DAX, Inc. Money Transmitter Licenses (NMLS ID 1966158):
| Jurisdiction | License Type | Regulatory Agency | Address | License No. |
| Alabama | SC Money Transmitter | Alabama Securities Commission | 401 Adams Avenue, Suite 280, Montgomery, AL 36104 | #841 |
| Alaska | Money Transmitter License | Alaska Department of Commerce, Community & Economic Development | P.O. Box 110807, Juneau, AK 99811-0807 | AKMT-014602 |
| Arizona | Money Transmitter License | Arizona Department of Financial Institutions | 100 N. 15th Avenue, Suite 261, Phoenix, AZ 85007 | MT-1025266 |
| Arkansas | Money Transmitter License | Arkansas Securities Department | Heritage West Building, Suite 300, 201 East Markham Street, Little Rock, AR 72201-1692 | 123202 |
| Colorado | Money Transmitter License | Colorado Division of Banking | 1560 Broadway, Suite 975, Denver, CO 80202 | 500291 |
Let me know if you need additional states or formatting adjustments!
Conclusion
Foris DAX Inc. has played a crucial role in expanding Crypto.com’s reach in the North American market through strategic acquisitions and integrations. The company’s efforts to democratize access to derivatives trading and enhance its service offerings have positioned it as a notable player in the fintech and cryptocurrency sectors. However, the challenges related to customer complaints and regulatory scrutiny underscore the importance of robust customer service and compliance mechanisms. As the company moves forward, addressing these issues will be essential to maintaining its growth trajectory and reputation in the industry.