Coinbase exchange is registered and licensed to provide cryptocurrency services by the Central Bank of the Netherlands. This is a potential market but many exchanges are difficult to conquer.
On September 22, cryptocurrency exchange Coinbase announced it had successfully registered with the De Nederlandsche Bank (DNB) as a cryptocurrency service provider.
Thereby, Coinbase is allowed to provide a full range of digital asset services to retail and institutional customers. Currently, the exchange has been serving customers in many countries and has branches in Ireland, the United Kingdom, and Germany.
Vice President of International and Business Development at Coinbase, Nana Murugesan commented that adoption in the Netherlands strengthens the exchange’s credibility and trust:
“Coinbase prides itself on being a compliance-led business. The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here.”
Two years ago, DNB gave the green light to domestic cryptocurrency service providers. However, platforms wishing to register must ensure compliance with the AMLD5 directive on anti-money laundering.
After that, VanEck listed the crypto ETP on the Dutch stock exchange. This shows that regulations in the Netherlands are not causing much trouble for the crypto sector. However, this market is not easily conquered.
The proof is that the DNB agency fined Binance $3 million for operating without a license. As a result, Coinbase has taken steps to prepare by requiring Dutch users to perform KYC before trading.
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