Coinbase secures approval from financial regulators in Italy

Coinbase secures approval from financial regulators in Italy

By Daniela Kirova - min read

Coinbase can keep serving Italian customers after securing approval from Italian financial regulators, CoinDesk reported. The San Francisco-based exchange wrote on its website that the Organismo Agenti e Mediatori (OAM) had included a new requirement. 

All custodians or crypto exchanges had to fulfill the criteria if they wanted to continue offering services in Italy. Coinbase Vice President of International and Business Development Nana Murugesan commented: 

It’s critical to build a constructive relationship with regulators in every region where we operate. Obtaining this regulatory approval is proof of our cooperation and positive working relationship with the Italian financial regulators.

Growing presence across the Atlantic 

Coinbase has customers throughout Europe through dedicated hubs in Germany, the UK, and Ireland. The biggest US crypto exchange is in the process of augmenting its presence across Europe.

It has license applications or registrations in progress in a number of leading markets in compliance with local regulations. Its goal is to attract more customers in each of these markets by launching the Coinbase suite of the ecosystem, institutional, and retail products. 

Binance also obtained OAM approval 

Binance also obtained regulatory approval in Italy last month. Its CEO Changpeng Zhao said in a statement at the time:

Clear and effective regulation is key to the broad market adoption of crypto. We thank the OAM and the Ministry of Economy and Finance for their efforts in defining the requirements to do business transparently in Italy.

Binance had been banned in Italy

Less than a year ago, financial watchdog CONSOB termed Binance unauthorized. The world’s biggest exchange was also banned from offering Italian citizens derivatives. 

A few weeks ago, Binance obtained licenses in Dubai and Bahrain and secured regulatory approval in France.