Coinbase has received a license for cryptocurrency activities in Italy – Bits Media

The American cryptocurrency exchange received permission from the Italian regulator Organismo Agenti E Mediatori (OAM) for conducting activities in the country.

As reported by the leadership of Coinbase, The exchange seeks to meet the regulatory requirements of different jurisdictions. Trading The site intends to strengthen its presence in Europe, Therefore, she submitted several applications for registration and receipt of a license for work in a number of jurisdictions. Coinbase's goal is to expand the client base, providing their products and services to retail and institutional customers everywhere, Wherever possible. Vice President of International Development Coinbase Nana Mugroesan (Nana Murugesan) stated, that the approval of OAM indicates close cooperation with Italian financial regulators:

"As the, How we continue to expand in Europe and other regions, Maintaining strong relations with regulatory authorities guarantees the withdrawal of products to the market, in which our customers are interested ".

Against the backdrop of a protracted cryptosym, the leadership of the exchange was forced to reduce its staff on 1 100 employees, since the revenue of the exchange for the first quarter decreased to $1.7 billion, What's on 35% less than the same period last year. Besides, According to Dune Analytics, Coinbase NFT could not attract enough users, and its average daily volume of bidding is several times less, than the main competitor, OpenSea.

In May, the Italian regulator license was issued by the Binance cryptocurrency exchange; Soon after that, how the site received permission to provide cryptocurrency services in Bahrain.