Coinbase is acquiring a Cyprus-based entity with a MiFID license, paving the way for wider access to its derivatives products in Europe.
This strategic move aligns with Coinbase’s “Go Broad, Go Deep” plan, aiming to establish clear regulatory frameworks and secure licenses for international expansion. The MiFID license will allow Coinbase to offer derivatives to eligible customers across select EU countries.
The acquisition targets the lucrative derivatives market, estimated to account for roughly 75% of the global crypto space. By expanding its derivatives offerings, Coinbase hopes to capture a significant share of this market and solidify its position as a leading crypto player.
Recognizing the importance of trust and compliance, Coinbase emphasizes its adherence to a rigorous Five-point Global Compliance Standard. This standard covers vetting personnel, implementing strict AML/KYC procedures, enforcing global sanctions, upholding governance best practices, and conducting ongoing monitoring and reporting.
Over 400 experienced compliance and legal professionals, with backgrounds in prestigious institutions like the FBI, DOJ, and major banks, guide Coinbase’s compliance efforts. This expertise ensures adherence to international regulations and safeguards against potential risks.
While finalizing the acquisition and operationalizing the entity lie ahead, this move marks a significant step towards Coinbase’s vision of a more global and open financial system. By providing wider access to derivatives within a robust compliance framework, Coinbase aims to empower more than 1 billion people with increased economic freedom.
Coinbase is planning a pivotal acquisition that will allow it to launch crypto derivatives in the EU https://t.co/7jH4kxkpf1
— CNBC (@CNBC) January 5, 2024
Expect ongoing updates as this story evolves
Coinbase is acquiring a Cyprus-based entity with a MiFID license, paving the way for wider access to its derivatives products in Europe.
This strategic move aligns with Coinbase’s “Go Broad, Go Deep” plan, aiming to establish clear regulatory frameworks and secure licenses for international expansion. The MiFID license will allow Coinbase to offer derivatives to eligible customers across select EU countries.
The acquisition targets the lucrative derivatives market, estimated to account for roughly 75% of the global crypto space. By expanding its derivatives offerings, Coinbase hopes to capture a significant share of this market and solidify its position as a leading crypto player.
Recognizing the importance of trust and compliance, Coinbase emphasizes its adherence to a rigorous Five-point Global Compliance Standard. This standard covers vetting personnel, implementing strict AML/KYC procedures, enforcing global sanctions, upholding governance best practices, and conducting ongoing monitoring and reporting.
Over 400 experienced compliance and legal professionals, with backgrounds in prestigious institutions like the FBI, DOJ, and major banks, guide Coinbase’s compliance efforts. This expertise ensures adherence to international regulations and safeguards against potential risks.
While finalizing the acquisition and operationalizing the entity lie ahead, this move marks a significant step towards Coinbase’s vision of a more global and open financial system. By providing wider access to derivatives within a robust compliance framework, Coinbase aims to empower more than 1 billion people with increased economic freedom.
Coinbase is planning a pivotal acquisition that will allow it to launch crypto derivatives in the EU https://t.co/7jH4kxkpf1
— CNBC (@CNBC) January 5, 2024
Expect ongoing updates as this story evolves