Coinbase is the first exchange to be approved in the Netherlands. Cryptocurrencies today represent a dynamic and constantly evolving market. Despite the crises experienced, this remains a sector whose value continues to increase, in full growth.
This certainly explains why more and more countries are beginning to pay attention to this industry, which until recently was still non-existent in the eyes of governments around the world.
One of the latest trending news in the world of cryptocurrencies today is surely the approval obtained by Coinbase to operate within the Netherlands. Coinbase has thus become, through this channel, the first major cryptocurrency exchange platform to receive this authorization in the country.
Official registration of Coinbase on Dutch territory
It was in an article published this Thursday on the platform's blog that Coinbase's vice president of international and business development, Nana Murugesan, announced the good news. According to this article, the exchange has become the first to register in the Netherlands.
Coinbase received official permission, as it managed to successfully register with the Dutch Central Bank (DNB). Through this approval, the platform is now able to offer its cryptocurrency products and services to its customers living in the Netherlands.
In her article, Nana Murugesan specifies that the company has taken an important step in its international expansion strategy. He believes that with the registration, Coinbase will have more freedom of action to offer a more complete range of products to its Dutch users.
The gradual regularization of the cryptocurrency market.
The vice president of Coinbase 's international and business development team took advantage of this development to highlight how significant this step is for the entire community.
According to him, this authorization will help boost the expansion of the cryptocurrency market and shows the face of the world that Coinbase is indeed a compliance-oriented company.
Additionally, Coinbase has already spoken on the market regulation factor. She believes that the regulation of the cryptocurrency industry should not be a source of fear.
Rather, it sees it as a facilitator of market growth, since with better regulation, there will be access to clear ground rules that will create an environment that encourages innovation and builds confidence in the sector on the part of the public and decision-makers.
Thanks to this authorization received from the Dutch authorities, Coinbase will be able to operate across the other 26 member countries of the European Union once the EU's MiCA to market cryptocurrency assets comes into effect.
However, Coinbase is not the only exchange that has received authorization in EU countries. Indeed, several of its rival platforms like Binance and Bitstamp have already been approved in France and Italy respectively.
Good news for Coinbase facing legal issues
If the announcement of regulatory approval by the Netherlands proves to be appreciated by the leaders of Coinbase, it is undoubtedly because it represents a moment of massive respite for the platform.
Indeed, Coinbase has been facing legal problems for several months that continue to persist. The blockchain platform is the target of a securities class action lawsuit in the New Jersey District Court in the United States. According to the complaint, Coinbase is guilty of making misleading misrepresentations not only about its business and operations but also about its compliance policies.
Additionally, Coinbase has enabled its customers to trade and speculate in assets that should be securities under US Securities Exchange Commission (SEC) guidelines.
At the same time, some Coinbase officials have also been accused of insider trading. The lawsuit involves one of the platform's former managers Ishan Wahi as well as his brother, accusing them of wire fraud conspiracy. Both defendants have pleaded not guilty to the allegations.
All of these accusations come at a critical time when more and more cryptocurrency platform companies, including Coinbase, continue to struggle to maintain their business operations. It is therefore not surprising that this good news is blowing like a breath of fresh air for the company's leaders.
The SEC is very present in an attempt to regulate the cryptocurrency sector, particularly on the side of Ripple or even potentially with Ethereum, in particular following The Merge which could change everything.
READ MORE: Binance Now Holds More Bitcoin Than Coinbase
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