Coinbase Exchange Taps License to Operate its Business in Italy

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Coinbase Exchange is now licensed in Italy as it continues to power its European expansion. The trading platform announced in a blog post on Monday, noting that it now ranks as one of the first crypto service providers to meet the set of criteria outlined by the Italian regulator, the Organismo Agenti e Mediatori (OAM).

With the newly received license, Coinbase said it will be able to offer its services to Italian residents in a regulated environment. With the Italian license, Coinbase said it will be able to expand its own operations in the entire European Economic Area. The publicly traded company said it serves as many as 40 markets in Europe from the few countries it has received licenses to operate from.

“Building a constructive relationship with regulators in every jurisdiction in which we operate is incredibly important as we march toward our mission of increasing economic freedom in every corner of the world,” Nana Murugesan, Vice President, International, and Business Development. “Gaining this regulatory approval is a testament to our close collaboration and positive working relationship with the Italian financial regulators. As we continue to grow across Europe and other regions, maintaining our strong regulatory relationships will ensure that we will continue to bring to market the products that our customers want, through the most trusted and secure platform in the cryptoeconomy.” 

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Coinbase Exchange Fighting Strong in Crypto Winter

There are different ways by which crypto trading platforms are responding to the ongoing crypto winter and Coinbase Exchange was among the very first to lay off its staff. 

Besides laying off up to 18 percent of its staff, Coinbase also unveiled plans to revoke the job offers it has extended to some newly recruited staff. The trading platform believes the decision to let go of some of the staff, though difficult, was the right call towards guarding it against the potential impact of the ensuing crypto winter.

While the exchange witnessed a negative PR in this regard, it has been making unique milestones with respect to its global push and product offerings in the past couple of weeks.

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