Coinbase and Kraken have obtained critical regulatory licenses to expand their operations in the UK and the European Union (EU), respectively.
On 3 February 2025, Coinbase announced obtaining a Virtual Asset Service Provider (VASP) registration in the UK.
This particular milestone registration will make Coinbase “the largest registered digital assets player in the UK.”
VASPs are issued by the Financial Conduct Authority (FCA). In a post on X, the company insisted that the UK is its biggest international market. “This registration represents an important chapter in our international expansion strategy,” acknowledged Coinbase.
Coinbase is now the UK’s largest VASP. 🇬🇧
The United Kingdom is our biggest international market, and this registration represents an important chapter in our international expansion strategy. pic.twitter.com/QdjP4XCtWb
— Coinbase 🛡️ (@coinbase) February 3, 2025
Just recently, Coinbase received an official approval from Argentina’s National Securities Commission (CNV) to expand its services in the country. The newly secured VASP registration allows the exchange to introduce new offerings, including local payment methods in Argentine pesos. The company plans to strengthen its presence in the Latin American market.
Having operated in Argentina since 2019, Coinbase initially offered crypto-to-crypto conversions and trading. However, with this regulatory green light, the exchange can now operate within the country’s legal framework for virtual assets, enabling it to roll out a broader range of services.
Explore: Coinbase Secures Regulatory Approval To Expand Services In Argentina
Binance Pay Partners With xMoney To Improve Crypto Payments Framework In Europe
Binance Pay, the virtual currency payment platform powered by Binance, has partnered with xMoney.
xMoney is also known as a Web3 transaction hub in Europe.
Notably, this collaboration aims to enhance cryptocurrency accessibility across the continent. According to the companies, the collaboration can bridge the gap between traditional finance and the rapidly evolving world of digital currencies.
“The partnership simplifies payments for luxury goods, travel, gaming, and even public services for Binance Pay users, enabling over 20,000 businesses in the xMoney’s merchant network to accept cryptocurrency directly,” said Binance.
Commenting on the partnership, Jonathan Lim, Global Head of Binance Pay said, “This collaboration between Binance Pay and xMoney comes at a pivotal moment when cryptocurrency is being embraced in mainstream commerce and public services.”
While the company continues to make power moves, Binance came under fire as French investigators opened a formal probe into the company. The world’s largest crypto exchange is facing charges over allegations of money laundering.
However, this isn’t the first time the company is under fire. It has faced scrutiny for alleged non-compliance with local laws
In 2021, Binance came under investigation in the US for potential violations of anti-money laundering (AML) regulations.
Explore: Binance Under Scrutiny As France Starts Investigation For Fraud
After Coinbase, Kraken Announces Securing EU MiFID License
Similarly, on 3 February 2025, Kraken announced securing the EU Markets in Financial Instruments Directive (MiFID) license.
“The license was obtained through the acquisition of a Cypriot Investment Firm, which was recently approved by the Cyprus Securities and Exchange Commission (CySEC),” Kraken’s announcement said.
Commenting on the development, Shannon Kurtas, Kraken Co-GM of Pro & Exchange said, “As we continue to expand our services across the globe, our focus on the European market remains a top priority.”
“This acquisition reflects our confidence in the EU and underscores our commitment to providing a trusted, regulated environment for advanced crypto traders and investors,” said Kurtas.
Explore: Kraken Secures EU MiFID License – EU Derivatives On The Way: Best Crypto To Buy On Kraken?
Disclaimer
Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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