Coinbase, a United States based cryptocurrency exchange company, got approval to operate in the Netherlands by the Central Bank of Netherlands, De Nederlandsche Bank.
Coinbase, a prominent crypto exchange company in the United States, furthered its expansion mission across Europe as it earned its recent approval for operation in Holland.
On the 22nd of September 2022, Coinbase released an official statement that the Central Bank of Netherlands, DNB (De Nederlandsche Bank), has approved its registration request. This registration approval allows it to run operations such as offering institutional and retail crypto resources in the country.
Coinbase’s Approval In The Netherlands
De Nederlandsche Bank (DNB) now recognizes Coinbase as one of the significant inter-country exchange groups together with other locally operating crypto firms in the country, by the Netherlands Central Bank, according to DNB Record. DNB’s public record also registered Coinbase Custody International and Coinbase Europe Limited as legal crypto service providers in the country.
DNB, currently serving as the country’s financial moderators, is keeping an eye on Coinbase Custody and Coinbase International as necessitated by the law governing corruption funding bodies and the AML (Anti-Money Laundering).
The crypto exchange giant released a statement mentioning that they are not subject to frugal monitoring by the Netherlands Central Bank. It also noted in the report that there’s no special protection relating to financial consumers.
Coinbase delivered the statement shortly after the Dutch Central Bank released a guide intended to direct sanction screening policies for cryptocurrency-related trading. In this guide, DNB ensured it mentioned the risk involved in cryptocurrencies and their anonymity.
What Prompted This Expansion
Coinbase’s registration in the Land of the Tulip aligns with its intention to establish itself in European countries. The crypto giant’s original intention was to begin its operations in Europe by June 2022, considering the influence of the significant decline in the cryptocurrency marketplace.
Organismo Agentie Mediator, the Anti-Money Laundering (AML) moderator, granted Coinbase the approval of the Cryptocurrency Asset Service Provider. Currently, Coinbase’s following targets are countries like France and Spain.
Based on a recent post from the exchange group, they now provide close to 40 countries in Europe with crypto services via designated distributors in Germany, the United Kingdom and Ireland. The firm also mentioned that they are currently in talks with many other prominent marketplaces for license and registration approval, following the rules governing each region.
The company is experiencing some challenges, but it is not affecting its expansion plans. The crypto giant recorded a total loss of over $1 billion in two quarters consecutively this year. Furthermore, in July 2022, the previous executive manager of Coinbase was apprehended by the United States authorities for allegedly involving in insider cryptocurrency transactions.