Two months After Binance, Coinbase Secures Regulatory Approval in Italy

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Azeez Mustapha

Updated: 13 October 2022

Nasdaq-listed cryptocurrency exchange Coinbase announced yesterday that it had secured regulatory licensing to provide crypto services in Italy.

Vice President of International and Business Development at Coinbase, Nana Murugesan, explained in a statement yesterday: “Today, we’re able to announce a key milestone … securing approval from Italian regulators to provide ongoing crypto services to its residents.” Murugesan further described:

“The new requirement implemented by the Organismo Agenti e Mediatori (OAM) mandated that all companies offering crypto trading, custody or other services meet set criteria.”

The Coinbase executive further explained in the statement that “Coinbase serves customers across almost 40 European countries through dedicated hubs in Ireland, the U.K., and Germany,” emphasizing that “Coinbase is committed to bringing the power of our full product suite to customers across Europe.” The VP added:

“We are in the process of strengthening our presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations.”

That said, Murugesan clarified: “In each of these markets, our goal is to grow our customer base by launching the Coinbase suite of retail, institutional, and ecosystem products.”

Coinbase to Venture into Other European Territories

The giant crypto exchange announced its plans to venture into Europe in June. At the time, Murugesan explained that the behemoth exchange was in the process of establishing footholds in France, Italy, Spain, and the Netherlands.

Coinbase is not the first top crypto exchange to secure regulatory approval in Italy. On May 27, Binance announced via a press statement that it had obtained regulatory approval in Italy. At the time, the exchange announced:

“Binance announces that Binance Italy has received regulatory approval in Italy through registration as a Cryptocurrency Service Provider with the ‘Organismo Agenti e Mediatori’ (OAM), as required by the Italian legislation on crypto-asset.”

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