Coinbase’s Latest Move in Europe
The American cryptocurrency exchange Coinbase has set its sights on further expansion in Europe, with a fresh badge of approval from the land known for its tulips and windmills: the Netherlands. This recent thumbs-up from De Nederlandsche Bank (DNB) allows Coinbase to roll out its retail and institutional crypto offerings in Dutch territory.
Registration with De Nederlandsche Bank
Coinbase made the announcement that it received registration from the DNB, which marks a significant milestone. According to DNB’s records, Coinbase is now among the elite group of international exchanges that have earned the green light to operate in the Netherlands, sharing the stage with smaller local firms.
Understanding the DNB Approval
Getting stamped by the DNB isn’t just a formality. It means Coinbase Europe Limited and Coinbase Custody International are officially recognized as crypto service providers. However, not everything is sunshine and rainbows—Coinbase pointed out that their services don’t stop at managing crypto. They will operate under the watchful eyes of the Anti-Money Laundering (AML) and Anti-Terrorist Financing Act.
The Risks and the Reality
In typical governmental style, DNB also recently published guidance on sanctions screening for crypto transactions. Their Q&A revealed the hidden risks lurking in the cryptocurrency realm, including the ever-present allure of anonymity. So while Coinbase may be expanding, they’re doing so with a cautionary wink at the potential hazards involved.
Coinbase’s European Ambitions
This expansion isn’t just a fly-by-night plan for Coinbase. Back in June, the company signaled its serious intentions for growth in Europe, spurred on by the heavy downdraft in the crypto markets. If you thought they were done, think again—July saw them snag the Crypto Asset Service Provider approval from Italy’s AML regulator. The company is eying other markets too, with sights set on Spain and France.
A Continental Reach
Coinbase now claims to serve customers across nearly 40 European countries, operating from hubs strategically located in Ireland, the UK, and Germany. They have hinted at more registrations and license applications on the horizon for several key markets throughout Europe.
Challenges on the Horizon
As Coinbase moves forward with its big plans in Europe, one thing remains certain: growth plans, regulatory challenges, and market turbulence will keep this crypto player on its toes.
