Crypto exchange Coinbase on Monday said it has gained a crypto asset service provider license in Italy. The license marks a major milestone in the mission to grow its presence in Europe.
Last week, the company shadowed under rumors of facing liquidity issues after it announced shutting down its affiliate-marketing program in the U.S. Meanwhile, the company is also shutting down its Coinbase Pro advanced trading to migrate it to the Coinbase account.
Crypto exchange Coinbase in its official blog on July 18 announced securing a crypto asset service provider license in Italy. The Organismo Agenti e Mediatori, a crypto regulatory body, mandated all crypto companies to obtain a crypto asset service provider license before providing services to customers in the country.
Coinbase has become one of the few companies to secure the license. It will help the company to offer new products and features to its customers in Italy.
The crypto exchange seeks to expand its presence across Europe, with the aim to increase crypto adoption. Currently, it serves customers across almost 40 European countries through Ireland, the UK, and Germany offices. Meanwhile, Coinbase has several pending registrations or license applications in major markets. The goal is to grow its customer base by launching the Coinbase suite of retail, institutional, and ecosystem products.
Nana Murugesan, vice president of international and business development at Coinbase, believes it’s important to have a constructive relationship with regulators. Moreover, maintaining strong regulatory relationships helps build a trusted and secure platform for its customers.
“Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators.”
The crypto exchange faces competition from Binance in Europe. Both companies are aggressively expanding into Europe. Coinbase earlier mentioned that it is in the process of expanding in France, Italy, Spain, and the Netherlands.
Coinbase is under pressure due to extreme crypto market conditions, with Goldman Sachs downgrading its rating to “sell”. Moreover, the share price has fallen significantly in the last few months, with the current share price at $53.79. In fact, the recent insolvency rumors have also affected the exchange.
Coinbase’s non-fungible tokens (NFT) marketplace has failed to gain traction with rival GameStop’s NFT marketplace becoming popular among people.
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