Coinbase secures crypto licence in Italy

Crypto giant Coinbase today announced it has obtained an approval as a crypto asset services provider from Italian regulatory authorities.

The Italian regulator Organismo Agenti e Mediatori (OAM) recently implemented new requirements mandating that all companies offering crypto trading in the country to meet set criteria. Coinbase met the regulatory benchmarks in order to continue to offer crypto services in Italy.

The announcement comes seven days after rival Binance was granted regulatory approval in country.

According to the Coinbase, the crypto exchange has a strong presence in the European region, serving almost 40 European countries and having dedicated hubs in the UK, Ireland and Germany.

Coinbase

Nana Murugesan, Vice President, International and Business Development, said:

Nana Murugesan, Coinbase

Nana Murugesan
Source: LinkedIn

Building a constructive relationship with regulators in every jurisdiction in which we operate is incredibly important as we march toward our mission of increasing economic freedom in every corner of the world. Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators.

In a recent interview with Bloomberg, Murugesan confirmed that the US crypto giant is looking to expand its presence Europe and register operations in Spain, Italy, France, the Netherlands and Switzerland. Coinbase is also open to acquisition to accelerate its expansion plans.

Murugesan added:

As we continue to grow across Europe and other regions, maintaining our strong regulatory relationships will ensure that we will continue to bring to market the products that our customers want, through the most trusted and secure platform in the cryptoeconomy.

Meanwhile, Coinbase recently announced discontinuing its professional crypto trading platform Coinbase Pro and migrating advanced trading services to its main app.

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