Coinbase Receives a License In Italy Amid Insolvency Rumors
Coinbase Receives a License In Italy Amid Insolvency Rumors
On Monday, the cryptocurrency exchange Coinbase announced that it now has a license to operate as an Italian distributor of crypto assets. In the effort to increase its footprint in Europe, the license represents a significant turning point.
After announcing the termination of its affiliate marketing program in the United States last week, the firm raised concerns about potential financial troubles. Meanwhile, the business is also discontinuing its sophisticated Coinbase Pro trading in order to move it to the Coinbase account.
Italy Authorizes Coinbase As A Crypto Asset Service Provider
On July 18, Cryptocurrency exchange platform, Coinbase stated on its official blog that it has obtained an Italian license for a crypto asset service provider. According to Organismo Agenti e Mediatori, a regulating body for the crypto industry, all cryptocurrency businesses are required to get a crypto asset service provider license before offering their services to consumers in the nation.
Coinbase is one of the few companies that acquire the license in Italy. It will help the company provide fresh features and services to its Italian customers.
The cryptocurrency exchange wants to encourage the acceptance of cryptocurrencies by growing its footprint throughout Europe. It now has offices in Ireland, the UK, and Germany that serves clients from around 40 different European nations. In the meanwhile, Coinbase has a number of open registration or licensing requests in significant markets. By introducing the Coinbase suite of retail, institutional, and ecosystem services, the company hopes to increase its client base.
The vice president of international and business development of Coinbase, Nana Murugesan, stated that “our strong cooperation and productive working relationship with the Italian financial regulators are reflected in our success in obtaining this regulatory license.”
In Europe, Binance is a rival of the cryptocurrency exchange. Both businesses are making a significant effort to grow in Europe. In a previous statement, Coinbase stated that it was currently expanding in the Netherlands, France, Italy, and Spain.
