Coinbase became the first platform in Germany to be licensed to provide cryptocurrency storage services as well as to conduct cryptocurrency transactions. The license was granted to Coinbase by the German Financial Supervisory Authority, BaFin.
Under the license, Coinbase Germany GmbH may trade cryptocurrencies, according to BaFin. Coinbase, which was listed on the Nasdaq high-tech exchange this year, did not respond to a request from Reuters for comment.
The move comes just two days after the FCA asked Binance, one of the world’s largest cryptocurrency exchanges, to stop all operations inside the UK.
The British Authority has claimed that Binance does not have the approval to operate in the UK market. Binance is already being targeted by other regulators in countries, including the US and Germany.
In April, German regulator BaFin warned that the stock market was facing a fine for providing digital currencies without an investor prospectus.