Coinbase, the largest exchange in the U.S. today announced that it became the first major global cryptocurrency exchange to successfully register with the Dutch Central Bank thereby allowing them to offer crypto products and services to the Dutch market.
Coinbase has gained regulatory approval from De Nederlandsche Bank (DNB) which will eventually allow it to offer services throughout the entire European Union. The firm announced the news on Thursday, September 22, 2022, and will see the company offer its retail and institutional crypto products in the country. The announcement from COINBASE reads:
We are excited to announce that Coinbase has successfully registered with the Dutch Central Bank (De Nederlandsche Bank — DNB) as a crypto service provider. This registration will allow Coinbase to offer our full suite of retail, institutional, and ecosystem products to customers in the Netherlands. We are proud to be the first major global crypto exchange to receive DNB registration approval — a significant milestone in Coinbase’s continued international expansion.
Coinbase is one of the major international exchanges to have been approved by the Dutch central bank to operate cryptocurrency services alongside smaller local firms. Coinbase said in its announcement that “the crypto services of Coinbase are not subject to prudential supervision by DNB,” adding that financial and operational risks related to cryptocurrency services are not monitored, “and there is no specific financial consumer protection.”
Coinbase has been aggressively pursuing its position in Europe and announced plans to expand into Europe in June. The firm obtained approval as a Crypto asset Service Provider in Italy by the Organismo Agenti e Mediatori in July and said that plans to register in countries such as Spain and France. Coinbase now offers services to customers in almost 40 European countries with hubs in Ireland, the United Kingdom, and Germany. The firm said:
Additional registrations or license applications are in progress in several major markets, in compliance with local regulations.