Coinbase activity in the Netherlands; The crypto exchange received the approval of the Central Bank!

American exchange Coinbase plans to expand its presence in European countries. Coinbase activity in the Netherlands This is the last activity of this exchange in Europe.

US-based cryptocurrency exchange Coinbase has received approval from the Dutch Central Bank (De Nederlandsche Bank). Coinbase exchange continues to expand its activities in European countries. The latest confirmation of the operation of Coinbase has been received from the land of tulips.

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Coinbase activity in the Netherlands

On Thursday, Coinbase officially announced the approval from the Dutch Central Bank. The regulatory approval allows Coinbase to offer its retail and institutional crypto products in the Netherlands.

According to official DNB documents, Coinbase has received approval from the Dutch central bank to offer cryptocurrency-related services alongside other smaller local companies. Coinbase Europe Limited and Coinbase Custody International are listed in the central bank’s public register as providers of cryptographic services in the Netherlands.

The Dutch regulator oversees the activities of the European and international version of Coinbase in accordance with the Anti-Money Laundering (AML), Anti-Terrorist Financing Act and Sanctions Act. Coinbase exchange announced in an announcement:

Coinbase cryptocurrency services are not regulated by the Dutch central bank. The financial and operational risks associated with cryptographic services are not monitored and there is no specific financial protection for the consumer.

Wide spread of Coinbase in Europe

On September 16, the Central Bank of the Netherlands published sanctions screening guidelines for crypto transactions. The question and answer document of the Central Bank of the Netherlands mentions the risks related to the digital currency market, including the anonymity of cryptocurrencies.

Coinbase’s entry into the Netherlands is in line with the company’s aggressive development plan in Europe. In June, the Coinbase exchange requested to expand its reach to European countries due to the sharp drop in the price of digital currencies.

The activity of Coinbase in the Netherlands is not the only activity of the famous American exchange in European countries. In July, Coinbase managed to obtain approval for the operation of crypto-asset service providers from Italy. This exchange plans to operate in countries such as Spain and France in the future.

Coinbase currently offers its services to more than 40 European countries through its dedicated centers in Ireland, UK and Germany. The company announced: “Coinbase is applying to several European majors. The activity of this exchange will be in accordance with the local regulations of the countries.

Heavy loss of Coinbase in 2022

Coinbase’s global expansion comes at a time when the company is struggling with many problems. Coinbase suffered major losses in two consecutive quarters in 2022. Coinbase’s Q2 2022 loss reaches $1.1 billion. This was the biggest loss since Coinbase listed on the Nasdaq. Coinbase also laid off 18% of its staff in June to cut costs.

In June, US authorities arrested a former Coinbase executive on charges of exposing the exchange’s insider trading. In addition to this lawsuit, two other lawsuits have been filed against Coinbase in the United States. The plaintiffs alleged that Coinbase was publishing deceptive claims about its business practices.

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Source: coinbase