The Crypto Roundup: 08 January 2024 | CryptoCompare.com

Nasdaq-listed cryptocurrency exchange Coinbase is looking to launch cryptocurrency-linked derivatives in the European Union, and to make this happen, it is in the process of acquiring a company that holds a MiFID II license.

The company has reportedly already entered into an agreement to buy an unnamed holding company that owns the MiFID II license. MiFID II, the EU's revised regulations for financial instruments, broadened its scope in 2017 to include various asset classes beyond stocks, such as derivatives and currencies.

Coinbase has been actively expanding its services to cater to institutions like hedge funds and high-frequency trading firms, attracted by the larger transaction sizes these entities handle.

If finalized, the deal would see Coinbase launch derivatives like futures and options in the EU. It will still require regulatory approval, but is expected to close later this year.

Coinbase said it’s committed to meeting the EU's stringent compliance standards, which include requirements against money laundering, ensuring customer transparency, and adhering to sanctions.

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• Source: https://www.cryptocompare.com/email-updates/daily/2024/jan/08/