Coinbase has announced its intention to acquire a MiFID-licensed entity in order to expand its derivatives offering in the European Union (EU). The acquisition, which is currently awaiting regulatory approval and is expected to be finalized in 2024, will enable Coinbase to offer cryptocurrency-based derivatives in Europe. The specific company being acquired, based in Cyprus, has not been disclosed. Coinbase believes that obtaining this license will help it capture a larger portion of the global cryptocurrency market, which is dominated by derivatives trading. However, the acquisition still faces regulatory hurdles and Coinbase acknowledges that there is a lengthy process ahead before the deal is completely closed.
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Coinbase plans acquisition to expand derivatives offering in EU
