Coinbase Obtains EU Registration as US, UK Cracking Down on Crypto

Amid yet another series of anti-crypto regulations in United States and United Kingdom, more and more services are seeking a “safe haven” in alternative jurisdictions. Coinbase strengthens its presence in the EU with new registration documents scored.

Coinbase is now registered crypto exchange in Spain

Coinbase, a top-tier cryptocurrency exchange ecosystem, has secured an AML registration with the Bank of Spain as a cryptocurrency exchange and custodian wallet provider. This accomplishment was announced by Nana Murugesan, a VP international and business development at the U.S. exchange.

The new registration allows the exchange to deliver the standard range of virtual asset services. Namely, Coinbase is now authorized to offer custody and trading of cryptocurrency assets as well as buying or selling crypto assets in legal tender.

Murugesan stressed the importance of the new market for his platform and outlined that scoring the Spain VASP license is aligned with the company’s long-term values:

We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients and developer partners in Spain. Most of the world is stepping up to the plate and providing clarity and guidance for the crypto industry

Earlier, Coinbase obtained VASP registrations in Italy, Ireland and the Netherlands, principal approval by Singapore’s MAS. Also, it started offering services in Canada and Brazil.

Despite the positive announcement, COIN stocks are changing hands at a three-month low at $70.96 on NASDAQ.

New exodus of exchanges?

Scoring an EU license is a critically important step for a modern centralized cryptocurrency service. As regulators are cracking down on exchanges, platforms might be looking for less hostile jurisdictions.

For instance, in May 2023, Coinbase registered a new business entity regulated by the Bermuda Monetary Authority. This arm is only offering services for non-U.S. clients of Coinbase.

Also, as U.Today covered yesterday, new regulations by the U.K. FCA made Bybit, one of the largest derivatives exchanges globally, stop operating on the U.K. market.