Coinbase acquires BUX’s Cyprus unit as part of European expansion

09:45 - 07 January 2025

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Coinbase, a US-listed cryptocurrency exchange, has acquired the Cyprus-based unit of BUX, rebranding it as Coinbase Financial Services Europe.

The acquisition secures a Cyprus Investment Firm licence, enabling Coinbase to offer contracts for differences and passport its services across European Economic Area member states.

CFDs allow investors to speculate on the price movements of assets without owning them, making them an attractive option for professional and institutional clients.

Yorick Naeff, CEO of BUX, confirmed the sale, stating, “We are pleased with the sale of BUX Europe Limited, to Coinbase, a globally recognised leader in the crypto industry”.

The CIF licence allows Coinbase to target professional and institutional clients under the unified framework, potentially giving it an edge over competitors like Binance, which has faced regulatory setbacks.

The move comes as Coinbase navigates Europe’s new Markets in Crypto-Assets Regulation.

MiCA provides firms with clarity but imposes stricter rules, such as requiring e-money token issuers to hold EU authorisation.

These changes have already prompted Coinbase to end its USDC rewards programme for EEA residents and delist unauthorised stablecoins.

(Source: DLNews)

Coinbase acquires BUX’s Cyprus unit as part of European expansion

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