Breaking: Coinbase ($COIN) Gets Greenlight to Offer Crypto Custody Service in Germany
Coinbase Inc. ($COIN), the top cryptocurrency exchange based out of New York has got German regulator clearance to offer crypto custody services. The news was broken by Bloomberg correspondent Walter Brandimarte. The approval from the chief regulatory body would allow Coinbase to act as a custodian for other crypto offering businesses and services.
*COINBASE GETS GERMAN APPROVAL FOR CRYPTO CUSTODY BUSINESS$COIN
— *Walter Bloomberg (@DeItaone) June 28, 2021
The regulatory clearance from Federal Financial Supervisory Authority (BaFin) comes just a week after the crypto exchange was cleared by Japan’s regulatory head FSA to enter the Japanese crypto market. The US-based public crypto exchange has managed to expand its service base rapidly post its recent Nasdaq listing in April.
This would be the first crypto custody license offered by BaFin under the newly introduced financial services based on the 4th EU AMD guidelines. BaFin put together an interdisciplinary, cross-divisional, and cross-departmental team to deal with the complex issues relating to the crypto custody business that issued the license.
While Coinbase is making headway with regulators around the globe, its rival and world’s largest crypto exchange by market cap Binance is facing the heat of the regulators. Only last week Japanese regulatory body had issued a warning against the exchange and earlier today the UK banned the crypto exchange from offering its services in the country.
Coinbase Continue to Expand its Reach While Binance Faces Set Backs
Coinbase is gradually expanding its regulatory reach outside the US and BaFin clearance is testimony to that. On the other hand, Binance which is considered the largest crypto exchange in the world is currently facing several regulatory setbacks.
Coinbase boasts of over 50 million registered users and recorded over $1.5 billion in revenue in the first quarter of 2021. Earlier this month the exchange also became the first crypto firm to enter the US pension fund industry after it forged a partnership with ForUsAll.
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