Prominent Crypto Exchange Coinbase Expands into Spain
Coinbase, America’s largest cryptocurrency exchange, has recently made its foray into the Spanish market. This expansion comes as part of Coinbase’s global upscaling efforts, which have been facilitated by favorable crypto regulations in various countries.
In addition to Spain, Coinbase has obtained Virtual Asset Service Provider (VASP) licenses in Italy, Ireland, and the Netherlands. The exchange has also received an in-principle approval to operate in Singapore. Furthermore, Coinbase has plans to launch its services in Brazil and Canada.
Fortune has reported that Coinbase attempted to acquire the European branch of bankrupt crypto exchange FTX on two occasions, with the most recent attempt occurring in September 2023. However, these plans were abandoned due to FTX Europe’s involvement in ongoing bankruptcy proceedings.
Meanwhile, Coinbase continues to face a legal battle with the US Securities and Exchange Commission (SEC). The SEC filed a lawsuit against the exchange in June, alleging that it was operating an unregistered securities exchange and acting as a broken clearing agency.
Hot Take: Coinbase Expands Global Footprint Amid Regulatory Opportunities
Coinbase’s expansion into Spain and other countries highlights the growing opportunities for cryptocurrency exchanges outside of the United States. With favorable regulatory environments and licensing frameworks in place, Coinbase has been able to establish a presence in various international markets.
While the legal battle with the SEC poses a challenge for Coinbase, its ability to navigate global regulations and expand its reach demonstrates its resilience and determination. As cryptocurrencies continue to gain mainstream acceptance, exchanges like Coinbase are at the forefront of driving adoption and innovation in the industry.
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