As a researcher, I’m excited to report that we, at Coinbase, have recently acquired the Cypriot subsidiary of BUX. This strategic move grants us a Contracts for Difference (CFDs) license, enabling us to broaden our services and expand our reach across the European Economic Area (EEA).
In a significant move, the well-known US cryptocurrency exchange, Coinbase, has recently purchased the Cyprus branch of BUX (formerly Stryk). Now known as Coinbase Financial Services Europe, this acquisition allows Coinbase to broaden its reach into the European Economic Area (EEA). This step also enables them to provide various financial services within countries under the EEA.
BUX officially announces the acquisition of BUX Europe Limited (BEU) by Coinbase, with CEO Yorick Naeff stating this is a significant move for the company. As a leading name in the cryptocurrency sector, he noted. Coinbase has acquired various businesses and now possesses a Cyprus Investment Firm (CIF) license, enabling them to offer Contracts for Differences (CFDs) products.
Coinbase to Offer Services Across EEA with New Cyprus License
This license permits Coinbase to provide its services across various countries within the European Economic Area (EEA). Although Coinbase Financial Services Europe has not started operation, the Cyprus Securities and Exchange Commission (CySEC) has authorized the usage of the domain coinbase.com/international-exchange/europe. This approval serves as a significant stepping stone for the crypto exchange’s operations in Europe.
Although Coinbase has not yet provided an official explanation regarding the specifics of its new license in Cyprus, it appears that the company is targeting professional and institutional clients with its latest offering.
Earlier, Coinbase was given authorization by the US, specifically the New York Department of Financial Services (NYDFS), to function within the state. This move solidifies Coinbase’s control over one of the United States’ most heavily regulated cryptocurrency markets.
It appears that Coinbase was more interested in acquiring BUX’s Cyprus subsidiary for its license and operational setup, rather than for the existing customer base. As per the Belgium Financial Services and Markets Authority (FSMA), the acquisition was finalized in October 2024, at which point the company’s name was changed from Bux Europe Ltd to Coinbase Financial Services Europe Ltd.
Purchasing this asset signifies Coinbase’s commitment to expanding their footprint in Europe and offering services beyond standard cryptocurrency trading. If Coinbase acquires a regulated entity based in Cyprus, it would enable them to enhance their product lineup and cater to the burgeoning European market of financial service providers.
Read More
- Can RX 580 GPU run Spider-Man 2? We have some good news for you
- Space Marine 2 Datavault Update with N 15 error, stutter, launching issues and more. Players are not happy
- FARTCOIN PREDICTION. FARTCOIN cryptocurrency
- Persona Players Unite: Good Luck on Your Journey to the End!
- Streamer Life Simulator 2 (SLS2) console (PS5, PS4, Xbox, Switch) release explained
- Pacific Drive: Does Leftover Gas Really Affect Your Electric Setup?
- DAG PREDICTION. DAG cryptocurrency
- Record Breaking Bitcoin Surge: Options Frenzy Fuels 6-Month Volatility High
- New Mass Effect Jack And Legion Collectibles Are On The Way From Dark Horse
- „I want to give the developer €30 because it damn slaps.” Baldur’s Gate 3 creator hopes Steam adds tipping feature for beloved devs
2025-01-05 13:23