Coinbase gets Dutch central bank clearance

The Dutch central bank, De Nederlandsche Bank has licensed the U.S.-based cryptocurrency exchange Coinbase.

Coinbase, a cryptocurrency exchange located in the United States, is continuing its aggressive growth throughout Europe with the newest regulatory permission coming from the land of tulips.

Thursday, Coinbase stated formally that it has gained registration with De Nederlandsche Bank (DNB), the Dutch central bank. 

To ensure that Coinbase Europe and Coinbase Custody comply with AML, ATF, and Sanctions Act requirements, the Dutch regulator monitors these services closely.

According to the company’s statement, “Coinbase’s crypto services are not subject to prudential oversight by DNB.” 

The announcement comes soon after DNB released policy guidelines on sanctions screening for cryptocurrency transactions on September 16. DNB cautioned in the Q&A paper about the hazards connected with cryptocurrency, including the anonymity.

The arrival of Coinbase into the Netherlands is consistent with the company’s ambitious development intentions in Europe. The cryptocurrency exchange first stated its plan to extend its presence in Europe in June, citing the consequence of a significant market downturn.

In July, Coinbase received clearance from the Italian AML authority, Organismo Agenti e Mediatori, as a Crypto Asset Service Provider. The exchange intends to register in nations like Spain and France.

According to the most recent blog post, Coinbase currently services consumers in almost 40 European nations through hubs in Ireland, the United Kingdom, and Germany. In accordance with local requirements, “further registrations or licensing applications are pending in numerous important markets,” the company said.

Coinbase’s worldwide growth occurs while the firm faces several challenges. During two consecutive quarters in 2022, the cryptocurrency exchange incurred significant losses, with Q2 losses totalling $1.1 billion. 

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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