Compass Investments

– In October, Coinbase acquired the Cypriot division of European brokerage Bux and obtained a MiFID II license.

Finance Magnates reports that the company has been renamed Coinbase Financial Services Europe.

cryptocurrency exchange Coinbase has acquired the Cyprus-based unit of European brokerage Bux, obtaining a key license as part of its European market expansion plans.

updated company blog According to the article, the acquisition was completed in August, resulting in a Markets in Financial Instruments Directive II (MiFID II) license. The acquisition was first reported by Finance Magnates, which also noted that Coinbase changed its name to Coinbase Financial Services Europe in October.

This license adds to our international portfolio.

This license adds even more interest in derivative products to our international portfolio and will allow us to capture more of the 75% of the global cryptocurrency market that derivatives claim.

MiFID II rules originally came into force in January 2018, and Coinbase’s newly acquired license is located in Cyprus, but can be

passport

to other EU member states under a simplified process, allowing Coinbase to offer its services across Europe without having to re-license in individual jurisdictions. bux will use this license

We have a long way to go before we complete the acquisition and operate as an EU MiFID-authorized entity, Coinbase warned in a blog post published in January

the value of the deal was not disclosed; Bux was acquired by Dutch bank ABN Amro in December 2023 and closed in July 2024. According to the company’s CEO, Bux also sold its UK subsidiary to UAE-based investment firm APM Capital last July as part of a plan to sell all regulated subsidiaries of Bux Holding.