Coinbase Inc. ($COIN), the top cryptocurrency exchange based out of New York has got German regulator clearance to offer crypto custody services. The news was broken by Bloomberg correspondent Walter Brandimarte. The approval from the chief regulatory body would allow Coinbase to act as a custodian for other crypto offering businesses and services.
The regulatory clearance from Federal Financial Supervisory Authority (BaFin) comes just a week after the crypto exchange was cleared by Japan’s regulatory head FSA to enter the Japanese crypto market. The US-based public crypto exchange has managed to expand its service base rapidly post its recent Nasdaq listing in April.
Coinbase Continue to Expand its Reach While Binance Faces Set Backs
Coinbase is gradually expanding its regulatory reach outside the US and BaFin clearance is testimony to that. On the other hand, Binance which is considered the largest crypto exchange in the world is currently facing several regulatory setbacks.
Coinbase boasts of over 50 million registered users and recorded over $1.5 billion in revenue in the first quarter of 2021. Earlier this month the exchange also became the first crypto firm to enter the US pension fund industry after it forged a partnership with ForUsAll.