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
