Cryptocurrency exchange Coinbase announced, on September 22, that it had achieved Anti-Money Laundering (AML) registration with the Bank of Spain. The action boosts the company’s plans for its global expansion.
With this, Coinbase registered as a cryptocurrency exchange and custodial wallet provider with the Bank of Spain. This registration will allow Coinbase to offer the full suite of products and services to retail and institutional users in Spain, the company said.
“Momentum for crypto is growing around the world, and Coinbase is executing Phase II of our “Go Broad, Go Deep” strategy for international expansion. Today, we can announce another important milestone in this journey: securing AML registration with the Bank of Spain as a cryptocurrency exchange and custodial wallet provider.”
Users in Spain will now have access to the following services: Cryptocurrency custody; Buy or sell legal tender crypto assets; Trading crypto assets against other crypto assets.
Speaking about the announcement, Nana Murugesan, vice president of international and business development at Coinbase, said:
“We are excited to have achieved this registration from the Bank of Spain to support and grow our retail consumers, institutional clients and development partners in Spain. Most of the world is stepping up and providing clarity and guidance to the crypto industry. In the last year alone, we have achieved VASP registrations in Italy, Ireland and the Netherlands, as well as in-principle approval and launch in Singapore, launch in Brazil and, most recently, launch in Canada. Working with regulators in these jurisdictions is a key step in our strategy to grow internationally and continue our momentum.”
It is worth remembering that, last month, Coinbase announced its Canadian expansion with a series of new offers for users in the country. Nana Murugesan highlighted that Canada could be a global leader for the cryptocurrency industry.
Coinbase Bitcoin Reserve Discovered
In a world where every Bitcoin counts, recent discoveries have shed light on Coinbase’s hidden cryptocurrencies, revealing its immense cryptocurrency reserves. Cryptocurrency analysis firm Arkham, known for its meticulous work, surfaced information on September 22 that places Coinbase at the top of the podium as the largest known holder of Bitcoin globally.
Using an advanced, proprietary algorithm, Arkham delved into the depths of the blockchain, identifying and tagging addresses used by Coinbase. Careful analysis revealed that the platform holds approximately one million BTC, translating into values in excess of US$25 billion.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.