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Coinbase, one of the leading cryptocurrency exchanges hailing from the US, will be launching its full range of crypto services in the Netherlands following approval from the country’s central bank.
De Nederlandsche Bank granted Coinbase regulatory approval, as announced by the exchange, marking it as the first major crypto exchange to successfully register with the Dutch Central Bank. This approval allows the US exchange to offer services and crypto products to both institutional and retail investors in the Netherlands. According to records from the central bank, smaller exchanges from the region have been granted authority to operate in the space.
Nana Murugesan, Vice President, International and Business Development at Coinbase commented on the announcement:
“As part of Coinbase’s ambition to be the world’s most trusted and secure crypto platform, we have taken strides to work collaboratively with government, policymakers and regulators to shape the future in a responsible way. Coinbase prides itself on being a compliance-led business. The Netherlands is a critical international market for crypto, and I am really excited for Coinbase to bring the potential of the crypto economy to the market here.”
The Dutch regulator will be overseeing Coinbase Europe with regard especially to the Anti-Money Laundering and Anti-Terrorist Financing Act in order to observe that it is operating in compliance with the acts. This comes following a statement from the Dutch central bank that looks at the guidelines on the cryptocurrency industry, including a caution about the risks involved with the market.
According to the exchange, there are now over forty countries in Europe where Coinbase is now operating. This has been done in compliance with countries, and regulatory authorities. While Coinbase’s European expansion points to a bullish model, the company has posted significant losses over the past two quarters, netting over $1.1 billion USD in the past three months.