Coinbase Secures Europe’s First Crypto Trading and Custody Licence

Coinbase, the global cryptocurrency exchange platform, has announced that its German entity (Coinbase Germany GmbH) has today been granted a licence for crypto trading and custody by the German regulatory authority, the Bundesanstalt für Finanzdienstleistungsaufsicht (“BaFin”). This licence falls under the new crypto custody regime implemented in January 2020, and this regime is the first of its kind in Europe.  Coinbase is the first company in Germany to be issued this licence.

This licence paves the way for the launch of Coinbase Germany in the near future, and with all services set to be subject to local regulatory oversight and protection, provides a clear, regulatory framework for increasing the service offering to German customers.

Coinbase’s licensed German entity will be able to leverage the world-class Coinbase infrastructure whilst providing a localised German service and increased product offering under the supervision of BaFin, a leading European regulator.

Commenting on the licence, Marcus Hughes, Coinbase’s Managing Director for Europe said:

“Being awarded the licence is the culmination of many months of hard work from the Coinbase team, in close collaboration with the BaFin. Becoming licenced in Germany is also an important milestone for Coinbase: it is reflective of our vision to enable economic freedom around the world. This marks another important step in our international journey, and we look forward to collaborating with other regulators around the world to enable the crypto ecosystem to expand.”

Sascha Rangoonwala, Coinbase’s Germany Country Manager added:

“The licence stands as testimony of our commitment to providing our German customers with a safe, regulated environment in which to enter the crypto-economy. We are committed to increasing the use of crypto in the country, and we look forward to bringing a best-in-class product offering to our German customers.”

To prepare for launch in Germany, Coinbase is growing its German customer support team and increasing its product offering.