With bitcoin’s continuous growth, Coinbase has obtained regulatory clearance to operate in the Netherlands, the first significant cryptocurrency exchange to do so.
To allow it to provide its cryptocurrency products and services to Dutch customers, Coinbase successfully registered with the Dutch Central Bank on September 22.
Having received this approval, Coinbase can now offer its retail, institutional, and ecosystem products to Dutch consumers.
Definitely not true. Majority of wallets are on platforms regulated and controlled by organizations and many govs. Try donating to Canadian truckers or Netherland farmers with your Coinbase acc…
The critical point of failure is the exchanges. They comply with regulators etc.
— Adam Larger (@LargerAdam) July 10, 2022
According to the company, regulation will drive crypto’s development by creating a clear ground rule environment that will stimulate innovation and build public and legislator confidence in the sector.
Coinbase’s Focus On Compliance
Coinbase’s vice president of international and business development, Nana Murugesan, discussed the development in a recent conference call and said that the company is a compliance-driven company.
That's nice.. but this will be amazing if you can add $LTO to your exchange as a top sister project from same Netherland 😍
— Rowland (@Rowlandandc1) September 22, 2022
According to him, they have taken steps to engage closely with government, politicians, and regulators to shape the future in a responsible manner. In an effort to achieve that goal. Coinbase strives to become the world’s first and most trusted cryptocurrency platform. Coinbase’s introduction of the crypto economy to the Dutch market is much-awaited since the Netherlands is an important market for cryptocurrencies internationally.
At the moment, Coinbase is facing a securities class action lawsuit for making false and misleading statements about its business, operations, and compliance policy before the United States District Court for the District of New Jersey. The Netherlands’ regulatory approval during this time is a welcome relief.
There have also been allegations against Coinbase of insider trading, accusing Ishan Wahi, a former global product manager, and his brother of a wire fraud conspiracy. They have pleaded not guilty. It will be a relief for the cryptocurrency exchange to receive this approval from the Netherlands.