Coinbase enters the Netherlands as Binance establishes global advisory board
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(Kitco News) – Leading 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 open soon a shop in the country.
Following the approval, Coinbase is authorized 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 the list of DNB 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 “an important step in Coinbase’s continued international expansion.”
Coinbase rival Binance was fined €3.3 million earlier this summer for failing to obtain this record.
Dutch investors would do well to read the fine print; however, as Coinbase’s memo states, “Coinbase’s crypto services are not subject to prudential oversight by the DNB or conduct oversight by the AFM.” This means that “financial operational risks related to crypto services are not monitored and there is no specific financial consumer protection”.
Coinbase is now supported in nearly 40 European countries, with its European branch registration based in Ireland. “Additional registrations or license applications are pending in several major markets, in accordance with local regulations,” the exchange said.
Binance Creates Global Advisory Board
First global cryptocurrency exchange Binance has revealed the creation of a new global advisory board designed to help the exchange navigate financial regulations.
According to a press release covering the announcement, the council’s purpose is to “advise Binance on some of the most complex regulatory, policy and social issues facing the entire crypto industry as it unfolds. develops and evolves at a rapid pace”.
The board will be made up of 11 former government officials and financial experts, led by former US senator Max Baucus, who joined Binance last year.
The other board members are 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 underscores our commitment to compliance, transparency, and ensuring a collaborative and trusting relationship with regulators around the world,” Binance Founder and CEO Changpeng Zhao said in a statement. Tweeter that accompanied the announcement of the new council.
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