Coinbase Buys Cyprus Unit of BUX to Fuel Expansion in Europe

The prominent US-listed crypto exchange Coinbase has reportedly purchased the Cyprus unit of BUX. In this way, the platform is rebranding it under the name Coinbase Financial Services Europe.

Coinbase, a leading US-based crypto exchange, has acquired the Cyprus unit of BUX, a multi-asset trading platform. This move is part of Coinbase's broader strategy to expand its presence in Europe under the Markets in Crypto-Assets (MiCA) regulation.

Coinbase Acquires Cyprus Unit of BUX for European ExpansionThe acquisition will see Coinbase rebrand the Cyprus unit as Coinbase Financial Services Europe, reports reveal. The purchase is aimed at bolstering Coinbase's MiCA compliance footprint within the European jurisdiction.

With the Cyprus Investment Firm (CIF) license, Coinbase can now offer contracts for differences (CFDs) and expand its services to all participant states in the European Economic Area (EEA). CFDs allow investors to speculate on the price movements of an asset without owning it directly.

Coinbase's European Expansion Gathers PaceCoinbase has been rapidly expanding its presence in Europe, obtaining licenses and registrations in several key jurisdictions. The exchange recently secured a crypto asset service provider (CASP) license in Ireland and is awaiting approval for a full banking license in Germany.

Coinbase's European ambitions are driven by the region's large and affluent population, as well as the increasing adoption of cryptocurrencies. The exchange is also seeking to capitalize on the regulatory clarity provided by MiCA, which is expected to streamline the crypto industry's operations within the EU.

Coinbase is now targeting institutional and professional users in Europe through its CIF license, which complements its existing retail-focused exchange and wallet services. This multi-pronged approach is designed to cater to a wide range of customers and further cement Coinbase's position in the European crypto market.