Coinbase enters the Netherlands while Binance establishes a global advisory board
(Kitco News) - The top U.S.-based cryptocurrency exchange Coinbase has announced that it has officially received registration from De Nederlandsche Bank (DNB), the central bank of the Netherlands, and will soon open up shop in the country.
Following the approval, Coinbase is cleared to offer retail and institutional crypto products to investors in the Netherlands, joining more than 30 other service providers currently on the central bank’s register. Coinbase Europe Limited and Coinbase Custody International had previously been approved and added to DNB’s list of approved crypto service providers.
According to the announcement, Coinbase is “the first major global crypto exchange to successfully register with the Dutch Central Bank,” which the exchange called “a significant milestone in Coinbase’s continued international expansion.”
Coinbase rival Binance was fined €3.3 million earlier this summer for failing to obtain this registration.
Dutch investors would do well to read the fine print; however, as the note from Coinbase indicates, “The crypto services of Coinbase are not subject to prudential supervision by DNB or conduct supervision by the AFM.” This means that “financial operational risks in respect of the crypto services are not monitored and there is no specific financial consumer protection.”
Coinbase is now supported in almost 40 European countries, with its European branch registration based in Ireland. “Additional registrations or license applications are in progress in several major markets, in compliance with local regulations,” the exchange said.
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Binance establishes a Global Advisory Board
The top global cryptocurrency exchange Binance has revealed the establishment of a new global advisory board designed to help the exchange navigate financial regulations.
According to a press release covering the announcement, the purpose of the board is to “advise Binance on some of the most complex regulatory, political, and social issues the entire crypto industry faces as it grows and evolves at a fast pace.”
The board will be comprised of 11 former government officials and financial experts, with former U.S. Senator Max Baucus, who joined Binance last year, at the helm.
Other members of the board include Ibukun Awosika, HyungRin Bang, Bruno Bezard, Leslie Maasdorp, Henrique de Campos Meirelles, Adalberto Palma, David Plouffe, Christin Schäfer, Lord Vaizey and David Wright.
“This collaboration highlights our commitment to compliance, transparency and ensuring a collaborative, trusting relationship with the world’s regulators,” Binance founder and CEO Changpeng Zhao said in a tweet that accompanied the announcement of the new board.