Coinbase secured crypto service provider approval in Italy and it already started providing card services in June 2019 so let’s read more today in our latest coinbase news.
The US-based crypto exchange Coinbase secured a crypto service provider license in Italy and it continued its aggressive EU expansion by securing the approval. The exchange announced that it obtained the Crypto Asset Service PRovider approval from the Italian Anti Money Laundering Regulator. As per the post by Nana Murugesan, the vice president of Coinbase of the International and business development so the approval will allow the exchange to continue to offer services and launch new products in the country.
Coinbase started providing crypto services in Italy a while back and the exchange was offering Coinbase card services in the country alongside countries like Spain and Germany in 2019. Murugesan noted that Coinbase operates in 40 EU countries like Ireland, Germany, and the UK. Murugesan said in the announcement:
“We are in the process of strengthening our presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations.”
He added that the goal of the platform is to grow the customer base by launching the paltform suite for retail and institutional ecosystem services for these markets. Coinbase is not the first exchange to receive an OAM approval. In 2022, the regulator granted approval to binance and allowed the company to open its new headquarters in Milan. The approval came in line with Coinbase’s reinforced expansion in the EU due to the ongoing crypto winter. Murugesan added that the company plans to register in other countries as well like France, Netherlands, and Spain.
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The new EU expansion plans came right after the company slashed staff by 18% in mid-Jue beucase of the heavy recession.
As earlier reported, Some of the users took it to Twitter to claim the decision was indicative of the liquidity issues for the top US exchange and Kurt Wuckert Jr even tweeted that the suspension of the affiliate program in combination with other decisions made by the exchange only signifies a liquidity crisis is coming. Around 50% of the stablecoins on Coinbase Pro left the exchange and as per the on-chain data, the total value came to $248 million. The percentage stablecoin outflow was higher on the exchange than on other exchanges like Binance and around 1% of the stablecoin reserves left Binance at the same time but the tokens had a similar value at under $300 million.
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