Jan 8, 2024: Coinbase (NASDAQ:COIN) has unveiled plans to acquire a Cyprus-based entity, pending regulatory approval, holding an EU MiFID license. The completion of this acquisition is anticipated within 2024.
This strategic step aims to diversify Coinbase’s offerings, expanding its services beyond Bitcoin spot trading to include derivatives like futures and options. This move aligns with Coinbase’s ‘Go Broad, Go Deep’ strategy and its commitment to complying with European Single Market regulations. These regulations encompass robust Anti-Money Laundering (AML) and Know Your Customer (KYC) standards, along with compliance with sanctions laws.
By broadening its range to cover various crypto asset classes, Coinbase intends to strengthen its competitive position, particularly against market giants like Binance and OKX.
Ireland has been designated as Coinbase’s primary European Union hub following its acquisition of a French license in December. This strategic choice is part of a broader initiative to ensure compliance with regulatory frameworks across Europe, including forthcoming regulations like the Markets in Crypto-Assets Regulations (MiCA). MiCA is expected to streamline operations for crypto businesses across significant European markets.
