© Reuters
SAN FRANCISCO – Coinbase (NASDAQ:), a major cryptocurrency exchange, has announced plans to expand its services to the European Union derivatives market. The company is set to acquire a Cyprus-based entity that holds a MiFID II license, a move expected to be completed in 2024. This strategic acquisition is set to enable Coinbase to offer regulated futures and options trading to its base of customers, marking a significant step in its European expansion efforts.
Coinbase’s foray into the EU derivatives market underlines its commitment to compliance and regulatory standards. The company has emphasized its focus on adhering to strict anti-money laundering (AML) and Know Your Customer (KYC) protocols, which are crucial for operating within the EU financial markets.
In addition to the planned acquisition, Coinbase is actively working to further consolidate its regulatory footprint in Europe. The company seeks to obtain a Cryptoasset Markets (MiCA) license by the end of 2024, which would strengthen its capabilities and services in the region. Coinbase already holds a French virtual asset service provider license, demonstrating its proactive approach to meeting regulatory requirements across the continent.
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