Coinbase could expand its business in Cyprus

Coinbase recently announced the upcoming acquisition of a new company in Europe, specifically in Cyprus

Coinbase recently announced the upcoming acquisition of a new company in Europe, specifically in Cyprus, which has a major derivatives trading license on the continent. This significant step was revealed in a post on its official blog, highlighting that the company in question holds a MiFID (European Union Markets in Financial Instruments Directive) license.

Although the name of the acquired company was not specified, this transaction will allow Coinbase to expand its portfolio of services, including products and services in several European countries. The acquisition represents a key strategy to capture a larger share of the global crypto market, which according to Coinbase is 75% dominated by derivatives.

Until now, Coinbase could only offer cryptocurrency trading in Europe, leaving the options market out of reach. This new acquisition will facilitate its entry into this segment, avoiding lengthy registration and approval processes by regional regulators.

This move is part of Coinbase’s broader international expansion strategy. The company seeks to diversify its global presence, offering its services in a greater number of countries, especially outside the United States, where it currently faces challenges with the Securities and Exchange Commission (SEC).

Recently, Coinbase obtained approval from the French Financial Markets Authority, obtaining a license that allows it to operate as a commercial service provider with digital assets (VASP) in France. In addition, last month it announced the expansion of its spot cryptocurrency trading operations internationally.

However, the completion of the acquisition in Cyprus is still dependent on regulatory approval, marking a path that still needs to be travelled before Coinbase can firmly establish its new route in Europe.

K. Tovar

Source: Diariobitcoin

(Reference image source: PiggyBank, Unsplash)

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