The American cryptocurrency exchange has received permission from the Italian regulator Organismo Agenti e Mediatori (OAM) to operate in the country.
According to Coinbase management, the exchange strives to comply with the regulatory requirements of different jurisdictions. The trading platform intends to strengthen its presence in Europe, therefore, it has submitted several applications for registration and obtaining a license to operate in a number of jurisdictions. Coinbase’s goal is to grow its customer base by bringing its products and services to retail and institutional clients wherever possible. Nana Murugesan, VP of International Development at Coinbase, said the OAM’s approval is indicative of close collaboration with Italian financial regulators:
“As we continue to expand in Europe and beyond, maintaining strong relationships with regulators ensures we bring products to market that our customers are interested in.”
Against the backdrop of a prolonged crypto winter, the management of the exchange was forced to cut its staff by 1,100 employees, as the exchange’s revenue for the first quarter fell to $1.7 billion, which is 35% less than the same period last year. In addition, according to Dune Analytics, the Coinbase NFT marketplace has not been able to attract enough users, and its average daily trading volume is several times less than that of its main competitor, OpenSea.
In May, the license of the Italian regulator was issued to the Binance cryptocurrency exchange; shortly after the site received permission to provide cryptocurrency services in Bahrain.
Source: Bits
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