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Source: Сointеlеgrаph

U.S.-based cryptocurrency exchange Coinbase continues its aggressive expansion in Europe, having received the latest regulatory approval from the nation of tulips.

Coinbase officially announced on Thursday that it has received registration from De Nederlandsche Bank (DNB), the central bank of the Netherlands. Regulatory approval allows Coinbase to offer its retail and institutional crypto products in the Netherlands.

According to official DNB reports, Coinbase is one of the largest international exchanges approved by the Dutch central bank to operate crypto services along with smaller local crypto firms. Coinbase Europe Limited and Coinbase Custody International are listed on the DNB public register as crypto service providers.

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

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

The news came shortly after the DNB published a guide on September 16th regarding sanctions verification policies for cryptocurrency transactions. In a 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 its intention to expand its presence in Europe in June, citing the impact of a severe downturn in the cryptocurrency markets.

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

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

Related: Coinbase fights back as SEC moves closer to Tornado Cash

Coinbase’s global expansion comes amid a host of challenges the company is facing. In 2022, the cryptocurrency exchange suffered big losses for two consecutive quarters, with a loss of $1.1 billion in the second quarter. It was the biggest loss since Coinbase listed its shares on the Nasdaq stock exchange in April 2021. To cut costs, Coinbase laid off 18% of its workforce in June.

In July, US authorities arrested a former Coinbase manager, alleging that the executive was involved in cryptocurrency insider trading. Two more US lawsuits also claimed that Coinbase was making false claims about its business practices.

Source: Сointеlеgrаph

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