Coinbase and Kraken have obtained critical regulatory licenses to extend their operations to the United Kingdom and the European Union (EU), respectively.
On February 3, 2025, Coinbase announced obtaining a virtual asset service recording (VASP) in the United Kingdom.
This particular milestone recording will make Coinbase “the largest digital asset recorded in the United Kingdom”.
VASPs are issued by the Financial Conduct Authority (FCA). In an article on X, the company insisted that the United Kingdom was its largest international market. “This recording represents an important chapter of our international expansion strategy,” said Coinbase.
Coinbase is now the largest vasp in the United Kingdom.
The United Kingdom is our largest international market, and this recording represents an important chapter of our international expansion strategy. pic.twitter.com/qdjp4xctwb
– Coinbase
(@Coinbase) February 3, 2025
(@Coinbase) Quite recently, Coinbase has received official approval from Argentina National Securities Commission (CNV) to extend its services to the country. The newly secure VASP recording allows the exchange to introduce new offers, including local payment methods in Argentinian pesos. The company plans to strengthen its presence on the Latin American market.
Having operated in Argentina since 2019, Coinbase initially offered conversions and Crypto-à-Crypto exchanges. However, with this regulatory green light, the exchange can now operate in the country Legal framework for virtual assets, allowing it to deploy a wider range of services.
Explorer: Coinbase guarantees regulatory approval to extend services in Argentina
Binance Pay is associated with XMoney to improve the framework of cryptographic payments in Europe
Binance Pay, the virtual currency payment platform powered by Binance, has teamed up with XMoney.
XMoney is also known as a web3 transaction center in Europe.
In particular, this collaboration aims to improve the accessibility of cryptocurrencies across the continent. According to companies, collaboration can fill the gap between traditional finance and the rapidly evolving world of digital currencies.
“The partnership simplifies payments for luxury products, travel, games and even public services for Binance users, allowing more than 20,000 XMoney merchant network to directly accept cryptocurrency”, said Binance.
Commenting on the partnership, Jonathan Lim, World Manager of Binance Pay, said: “This collaboration between Binance Pay and XMoney arrives at a central time when cryptocurrency is adopted in the trade and traditional public services.”
While the company continues to make power movements, Binance was criticized while French investigators opened an official investigation into the company. The largest crypto exchange in the world faces accusations concerning allegations of money laundering.
However, this is not the first time that the company has been under fire. He was faced with a meticulous examination for alleged non-compliance with local laws
In 2021, Binance was the subject of a survey in the United States for potential violations of the anti-money lamination regulations (LMA).
Explore: Binance under surveillance while France begins the investigation for fraud
After Coinbase, Kraken announces an EU Mifid UE license
Likewise, on February 3, 2025, Kraken announced the guarantee of the EU markets license (Financial Instruments (MIFID).
“The license was obtained thanks to the acquisition of a Cypriot investment company, recently approved by Cyprus Securities and Exchange Commission (CYSEC),” said Kraken’s announcement.
Commenting on development, Shannon Kurtas, Kraken co-gm from Pro & Exchange, said: “While we continue to extend our services around the world, our concentrating on the European market remains an absolute priority.”
“This acquisition reflects our confidence in the EU and underlines our commitment to provide an environment of trust and regulated for merchants and advanced investors,” said Kurtas.
Explore: Kraken secures the EU Mifid license – EU derivatives on the way: the best crypto to buy on Kraken?
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