Wednesday, February 8, 2023
HomeExchange NewsCoinbase Receives Registration Approval From Dutch Central Bank

Coinbase Receives Registration Approval From Dutch Central Bank

  • Coinbase becomes the first major exchange to receive DNB registration approval.
  • The platform will be able to offer a full range of crypto products to customers in the Netherlands.

The prominent cryptocurrency exchange platform, Coinbase, is enlarging its services across Europe. According to the recent announcement from Coinbase, the firm has successfully registered as a crypto service provider with the Dutch Central Bank (De Nederlandsche Bank – DNB). As a result of this registration, the platform will be able to offer a full range of retail, institutional, and ecosystem products to customers in the Netherlands.

Following this, Coinbase became the first leading global exchange to achieve DNB registration approval, along with some regional crypto platforms. 

Coinbase Stretches in Europe

Nana Murugesan, Vice President of International & Business Development at Coinbase expressed that, as part of becoming the most trusted and secure crypto platform globally, the exchange made an effort to collaborate with the government, policymakers, and regulators to shape the future responsibility. 

Nana Murugesan added: 

The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here.

In the DNB’s public registry, Coinbase Europe Limited and Coinbase Custody International Ltd are registered as cryptocurrency service providers. DNB is in charge of overseeing Coinbase Europe and Coinbase Custody Ltd under the Sanctions Act, the Anti-Money Laundering, and the Anti-Terrorist Financing Act.

The blogpost furtherly conveys: 

The crypto services of Coinbase are not subject to prudential supervision by DNB or conduct supervision by the AFM. This means that financial operational risks in respect of the crypto services are not monitored and there is no specific financial consumer protection.

The US-based crypto trading platform, Coinbase, serves customers in nearly 40 European countries via the hubs in Ireland, the United Kingdom, and Germany. To comply with local regulations, additional registrations or license applications are being processed in several major markets.

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