Soon after its listing on Nasdaq, Coinbase, one of America’s famous crypto exchanges, plans to localize its services across Germany following the BaFin license. It came after the German financial regulator revealed that it had granted a license to the trading platform, making it the first firm to provide the newly inducted services.
Since the beginning of this week, Coinbase stock has been performing well and has gained nearly 9.84 percent. Although the German parliament had passed legislation last year, calling the authorities to allow crypto firms to offer their services, the financial regulator’s approval was compulsory.
One of its Kind Crypto Regime in Germany
Germany’s crypto regime following the legislation became one of its kind on the continent. All the digital assets established in 2020 were asked to express their intention to get the license by March the same year, while new applications were to be submitted by the end of November.
BaFin has stated that it will review other applications and get back with a decision in a couple of months.
Coinbase’s Renewed Goals
The significant milestone marks yet another victory for the crypto exchange in terms of regulatory discipline, which experts suggest is likely to benefit the firm. Not only that, but following the announcement from BaFin, the company’s Europe director Marcus Hughes said,
We look forward to bringing a best-in-class crypto product offering coupled with secure localized experience to our German customers.
Although Coinbase remains one of the most regulator-friendly trading platforms, it is still ranked third in the market cap, which stands at $47.22 million.
Binance’s Misconduct and Closure
As Coinbase continues to grow its presence across Europe, Binance, the world’s largest crypto exchange, has come under government radar over its misconduct. In the latest developments, the UK and Japan have banned the platform and halted their operations in both countries.
Not only that, but reports also suggest that the firm is retrieving from Ontario, Canada, to evade the criminal probes there.