Green activists warn London exchange over possibly ‘criminal’ copper trading Coinbase and Kraken have successfully secured vital regulatory approvals to broaden their reach in the UK and European Union (EU).
Coinbase declared on 3 February 2025, its acquisition of a Virtual Asset Service Provider (VASP) registration in the UK, positioning it as the foremost digital assets entity in the region.
Issued by the Financial Conduct Authority (FCA), this registration underscores Coinbase’s commitment to its largest international market, the UK. “This registration is a key component of our global expansion strategy,” Coinbase stated.
Following this, Coinbase also received endorsement from Argentina’s National Securities Commission to enhance its offerings in Argentina, including integrating local payment options.
Since 2019, Coinbase has been operational in Argentina, primarily providing crypto-to-crypto trading and conversions. With this new regulatory approval, Coinbase is set to introduce a wider array of services within Argentina’s legal framework for virtual assets.
Simultaneously, Binance Pay, powered by Binance, has forged a partnership with xMoney to increase cryptocurrency accessibility. This collaboration facilitates cryptocurrency payments for luxury goods, travel, and more, servicing over 20,000 businesses within xMoney’s network.
“This marks a crucial time for cryptocurrency’s integration into mainstream commerce and public services,” commented Jonathan Lim, Global Head of Binance Pay.
However, Binance faces scrutiny as French authorities initiate a formal investigation into allegations of money laundering by the company, which also faced similar probes in the US in 2021.
On the same note, Kraken revealed on 3 February 2025 that it had obtained the EU Markets in Financial Instruments Directive (MiFID) license through acquiring a Cypriot Investment Firm, approved by the Cyprus Securities and Exchange Commission (CySEC).
“This acquisition highlights our dedication to the EU market and our aim to provide a secure, regulated trading environment for sophisticated cryptocurrency traders and investors,” said Shannon Kurtas, Co-GM of Kraken Pro & Exchange.
