United States-based crypto exchange Coinbase continues its aggressive European expansion by gaining approval to offer crypto services in Italy.
Coinbase announced on July 18 that it has obtained crypto asset service provider approval from the Italian anti-money laundering regulator Organismo Agenti e Mediatori (OAM).
According to a post by Nana Murugesan, Vice President of International and Business Development at Coinbase, The approval will allow Coinbase to continue offering cryptocurrency services and launch new products in Italy.
Coinbase started offering its cryptocurrency services in Italy quite some time ago. As previously reported, the exchange was offering Coinbase card services in Italy along with countries like Spain and Germany as of June 2019.
Murugesan noted that Coinbase operates in nearly 40 European countries through dedicated hubs in the UK, Germany, and Ireland.
“We are in the process of strengthening our presence throughout Europe and have ongoing registrations or license applications in several major markets in compliance with local regulations”Murugesan said in the announcement. He added that Coinbase’s goal is to grow its customer base by launching Coinbase’s suite of retail, institutional, and ecosystem services in each of those markets.
Coinbase is not the first crypto exchange to receive OAM approval. In May 2022, the regulator granted approval to the Binance exchange, allowing the firm to open its new headquarters in Milan.
The approval comes in line with Coinbase’s beefed-up expansion efforts in Europe. The exchange announced in late June that it was actively working to expand in Europe due to the current crypto winter.. Murugesan said the company is planning to register in multiple European countries, including Italy, Spain, France and the Netherlands.
Coinbase’s new European expansion plans came shortly after the company cut its workforce by 18% in mid-June, citing the economic downturn.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information set forth herein should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.