Coinbase received a license for cryptocurrency activities in Italy

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The American cryptocurrency exchange received permission from the Italian regulator Organismo Agenti e Mediatori (OAM) to conduct activities in the country.

According to Coinbase management, the exchangestrives to comply with regulatory requirements in various jurisdictions. The trading platform intends to strengthen its presence in Europe, so it has submitted several applications for registration and obtaining a license to operate in a number of jurisdictions. Coinbase's goal is to expand its customer base by making its products and services available to retail and institutional clients wherever possible. Coinbase Vice President of International Development Nana Murugesan said OAM's approval demonstrates close cooperation with Italian financial regulators:

"As we continue to expandin Europe and other regions, maintaining strong relationships with regulators ensures that we bring to market products that our customers are interested in.”

Against the backdrop of a protractedcrypto winter the management of the exchange was forced to reduce its staff by 1,100 employees, as the exchange’s revenue for the first quarter fell to $1.7 billion, which is 35% less than the same period last year. In addition, according to Dune Analytics, the Coinbase NFT marketplace has failed to attract enough users, and its average daily trading volume is several times less than that of its main competitor, OpenSea.

In May, a license from the Italian regulator was issued to the Binance cryptocurrency exchange; shortly after the site received permission to provide cryptocurrency services in Bahrain.