Coinbase expands in Europe with new regulatory approval from the Netherlands.
Coinbase, an American cryptocurrency exchange established in 2012, has been registered by De Nederlandsche Bank (DNB), the central bank of the Netherlands, as a crypto service provider.
According to the official announcement shared by Coinbase, the company will offer a great variety of retail, institutional, and crypto ecosystem products.
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The company claims that it is the first global crypto exchange to receive approval from De Nederlandsche Bank. De Nederlandsche Bank (DNB) listed Coinbase Europe Limited and Coinbase Custody International in its public records as crypto service providers.
Before receiving regulatory approval, Coinbase was checked to comply with the Anti-Terrorist Financing Act, the Anti-Money Laundering (AML), and the Sanctions Act.
Coinbase Vice President of International and Business Development Nana Murugesan noted:
Coinbase prides itself on being a compliance-led business. The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here.
It is worth noting that when the European Union’s markets in crypto assets (MiCA) regulation becomes officially accepted by the EU, Coinbase will be able to offer its services in all 26 countries across the EU.
In the blog post, the crypto exchange noted that Coinbase already serves customers in 40 European countries with the help of “dedicated crypto hubs in Ireland, the UK, and Germany.” Moreover, the company added that “additional registrations or license applications are in progress.”
On July 18th, Coinbase received approval from Italy's Organismo Agenti e Mediatori (OAM) to provide crypto-related services in the country. The company aims to expand in Europe by securing operation licenses in Spain and France.
In other news, Dutch Fiscal Information and Investigation Service (FIOD) officers have recently arrested a 29-year-old developer suspected of using Tornado Cash to “conceal criminal financial flows and facilitate money laundering”.