Coinbase acquires BUX’s Cyprus unit in MiCA-friendly European expansion

4 days ago 6

Coinbase secures Cyprus portion to connection CFDs to European clients.
The acquisition boosts Coinbase's MiCA compliance footprint crossed Europe.

Coinbase, the US-listed cryptocurrency exchange, has acquired the Cyprus-based portion of BUX, rebranding it arsenic Coinbase Financial Services Europe.

This acquisition secures a Cyprus Investment Firm license, enabling Coinbase to connection contracts for differences and passport its services crossed European Economic Area subordinate states.

CFDs let investors to speculate connected the terms movements of assets without owning them, making them an charismatic enactment for nonrecreational and organization clients.

Yorick Naeff, CEO of BUX, confirmed the sale, stating, “We are pleased with the merchantability of BUX Europe Limited, to Coinbase, a globally recognised person successful the crypto industry.”

The determination comes arsenic Coinbase navigates Europe’s caller Markets successful Crypto-Assets Regulation.

MiCA provides firms with clarity but imposes stricter rules, specified arsenic requiring e-money token issuers to clasp EU authorisation.

Industry groups person warned that the constricted clip to comply with MiCA could pb to “serious lawsuit detriment and antagonistic fiscal consequences crossed each EU subordinate states.”

These changes person already prompted Coinbase to extremity its USDC rewards programme for EEA residents and delist unauthorised stablecoins.

Acquiring BUX’s Cyprus portion positions Coinbase to comply with MiCA portion expanding its European footprint.

The CIF licence allows Coinbase to people nonrecreational and organization clients nether the unified framework, perchance giving it an borderline implicit competitors similar Binance, which has faced regulatory setbacks.