Coinbase enters the Netherlands with central bank approval

US-based cryptocurrency exchange Coinbase continues its aggressive expansion into Europe, with the latest regulatory approval from the land of the tulips.

Coinbase announcement officially on Thursday (22/09), it received registration from De Nederlandsche Bank (DNB), the central bank of the Netherlands. The regulatory approval allows Coinbase to offer its cryptocurrency products to individuals and institutions in the Netherlands.

According to official DNB documents, Coinbase is one of the major international exchanges approved by the Dutch Central Bank to operate cryptocurrency services alongside smaller local cryptocurrency companies. Coinbase Europe Limited and Coinbase Custody International are: mention in DNB’s public register as a cryptographic service provider.

The Dutch regulator oversees Coinbase Europe and Coinbase Custody in accordance with the Anti-Money Laundering (AML) and Counter Terrorist Financing Act and Sanctions Act.

“Coinbase’s cryptocurrency services are not subject to DNB’s prudential oversight,” Coinbase said in the announcement. The financial and operational risks associated with cryptocurrency services are not monitored “and there is no specific financial protection for consumers”.

The news comes just after the DNB to publish Specific Guidelines for Sanctions Screening Policy for Cryptocurrency Transactions on September 16. In the Q&A document, DNB warned of various risks associated with cryptocurrencies, including anonymity.

Coinbase’s entry into the Netherlands is in line with the company’s aggressive expansion plans in Europe. The cryptocurrency exchange initially announced plans to expand its reach in Europe in June, citing the impact of a major drop in cryptocurrency markets.

In July, Coinbase received crypto asset service provider approval from Italian regulator AML Organismo Agenti and Mediatori. The exchange plans to register in countries like Spain and France.

According to the latest article, Coinbase now serves customers in nearly 40 European countries through dedicated hubs in Ireland, the UK, and Germany. “Additional registrations or license applications are pending in several key markets, in accordance with local regulations,” the company said.

Coinbase’s global expansion comes amid the company’s many problems. The cryptocurrency exchange posted heavy losses for two consecutive quarters in 2022, with second-quarter losses of $1.1 billion. This is the biggest loss since Coinbase listed its shares on the Nasdaq Stock Exchange in April 2021. To cut costs, Coinbase cut 18% of its workforce in June.

In July, US authorities arrested a former Coinbase executive who alleged the executive was involved in cryptocurrency insider trading. Two other US lawsuits also alleged that Coinbase made misleading claims about its business practices.

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Coinbase enters the Netherlands with central bank approval


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