Coinbase Expands Further in Europe in Spite of US Layoff

Coinbase Expands Further in Europe in Spite of US Layoff

The biggest American crypto Exchange, Coinbase, has decided to step into the European market by setting up shop in Spain, France, Italy and the Netherlands. The crypto heavyweight is already acquiring licenses to operate in aforementioned countries, which have a very high adoption rate of crypto, the Netherlands being the most active, as revealed in an earlier report.

Coinbase is Making Moves in Europe

The top American crypto exchange is already fully established in the United Kingdom, as well as some parts of Europe, including Germany and Ireland. Moreover, the firm recently opened up in Switzerland.

Nana Marugesan, the Vice President of Coinbase international affairs, said the entrance to UK market back in 2016 set a good example for crypto innovation. ‘When we entered the UK and Europe, this was actually during the last bear market in 2015-2016. We entered, we made bets. I’m sure it was probably a tough time. But it’s paid off, significantly’, – Marugesan says, painting an optimistic picture for the upcoming European business ventures.

Troubles Amid the Crypto Crash

‘No pain, no gain’, as the proverb says. Earlier this month, Coinbase had to cut off 18% of their staff in the United States, citing extreme market conditions. Furthermore, social media was buzzing hot with Coinbase bankruptcy rumors and hypothetical questions of what would happen to customers’ funds in such a case.

New Legislation Comes Into Play

Coinbase is patiently waiting for MiCA, the fundamental piece of legislation from the European Union that would collectively regulate all the states of the EU. That would mean Coinbase would have the ability to operate in all 27 member states of the EU, but the legislation would not come into effect until 2024.

On the Flipside

  • Coinbase might be running from the dark cloud that has been following the company in the US, which resulted in a dramatic 18% layoff, with people finding out about being fired from colleagues
  • Coinbase has been hit with a class-action lawsuit for listing 79 unlicensed coins

Why You Should Care

The European Union reached a decision on new anti-money laundering laws, which requires every crypto exchange in the area to collect information about users involved in crypto trades

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