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Coinbase Acquires BUX Cyprus Unit Expanding Presence In Europe
In a significant development, Coinbase, the prominent U.S.-listed cryptocurrency exchange, has acquired the Cyprus unit of BUX (previously known as Stryk). The acquisition has led to the rebranding of the entity as Coinbase Financial Services Europe. This strategic move marks an expansion of Coinbase’s presence in Europe, aligning with its objective of enhancing offerings and ensuring regulatory compliance across the region.
As announced by Yorick Naeff, CEO of BUX, “We are pleased with the sale of our MiFID-licensed entity, BUX Europe Limited (BEU) to Coinbase, a globally recognized leader in the crypto industry.” This acquisition allows Coinbase to obtain a Cyprus Investment Firm (CIF) license, empowering it to provide contracts for differences (CFDs) products. Furthermore, the cryptocurrency exchange can now passport this Cyprus license to offer financial services across other European Economic Area (EEA) member states.
It is worth noting that the Cyprus Securities and Exchange Commission (CySEC) registry has confirmed that the domain “coinbase.com/international-exchange/europe” has been approved by the regulator, although it is not yet operational. Interestingly, Coinbase appears to be targeting professional and institutional clients with its offerings under the Cyprus license.
The article highlights the significant implications of this acquisition for the crypto market, particularly in Europe.
Source: coinpedia.org
