The post Coinbase Acquires BUX Cyprus Unit Expanding Presence In Europe appeared first on Coinpedia Fintech News
In a latest development, Coinbase, the major U.S.-listed cryptocurrency exchange, has acquired the Cyprus unit of BUX (previously known as Stryk). Following the acquisition, the entity has been rebranded as Coinbase Financial Services Europe. This move expands Coinbase’s presence in Europe and aligns with its strategy to enhance its offerings and regulatory compliance across the region.
Yorick Naeff, the CEO of BUX, also confirmed the deal, saying: “We are pleased with the sale of our MiFID licensed entity, BUX Europe Limited (BEU) to Coinbase, a globally recognised leader in the crypto industry.”
With the latest acquisition, Coinbase now holds a Cyprus Investment Firm (CIF) license, which authorizes it to offer contracts for differences (CFDs) products. Furthermore, the crypto exchange can passport this Cyprus license to provide financial products across other European Economic Area (EEA) member states.
The Cyprus Securities and Exchange Commission (CySEC) registry has confirmed that the domain “coinbase.com/international-exchange/europe” has been approved by the regulator, although it is not yet operational. Notably, Coinbase appears to be targeting professional and institutional clients with its offerings under the Cyprus license.
Coinbase’s interest in BUX’s Cyprus entity seems to center on acquiring the license and operational infrastructure rather than maintaining the previous client base. BUX had previously transferred its CySEC clients over to AvaTrade, another provider of CFDs.
The acquisition was concluded in October 2024. Belgium’s Financial Services and Markets Authority (FSMA) recorded the name change from BUX Europe Limited to Coinbase Financial Services Europe Ltd on October 11, 2024.
