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Crypto turf battle as Coinbase, Crypto.com and Binance race to set up shop in new countries

Crypto turf battle as Coinbase, Crypto.com and Binance race to set up shop in new countries

Crypto turf battle as Coinbase, Crypto.com and Binance race to set up shop in new countries
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By CNBCTV18.com Oct 17, 2022 3:59:41 PM IST (Updated)

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Let's look at how these leading crypto exchanges are clamouring to enter new markets, almost indicative of a turf war.

Crypto adoption has grown exponentially in the last few years. This has given rise to several emerging crypto markets that are usually serviced by regional crypto exchanges, at least initially. These exchanges offer basic on-ramp, off-ramp, exchange and trading facilities to help users get started in the cryptoverse.

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However, global exchanges and trading platforms also have an eye on these up-and-coming crypto markets. They are home to a largely untouched customer base of crypto beginners who looking for new ways to make money from these digital assets.
It is one of the reasons why giants like Binance, Crypto.com and Coinbase are quickly acquiring licenses to operate in new countries, looking to capture a new audience base.
Let's look at how these leading crypto exchanges are clamouring to enter new markets, almost indicative of a turf war.
Towards the end of September, global crypto exchange, Crypto.com, received regulatory clearance to enter the French market. Following its approval, the exchange announced that it would invest over $145 million to set up a European headquarters in Paris and expand services in the area. This comes just months after Binance also received the nod from French authorities to provide crypto custody services and operate a trading platform in the country.
More recently, on October 11, Coinbase beat out Binance to receive regulatory approval in Singapore. The next day, Blockchain.com also announced that it had received a green light from the Monetary Authority of Singapore (MAS) to legally offer crypto products in the city-state.
Singapore is one of the leading financial centres in the Asia Pacific region and a hotspot for crypto firms. However, the MAS has also upped its regulatory requirements recently, making it one of the more stringent regulators for crypto firms.
Before it entered Singapore, Coinbase was busy entering markets in Europe. By mid-July, it secured approval to offer crypto services in Italy. Then, last month, it became the first major global crypto exchange to successfully register with the Dutch Central Bank (De Nederlandsche Bank — DNB).
"We are in the process of strengthening our presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations," said Nana Murugesan, vice president of international and business development at Coinbase.
Binance has also entered quite a few markets in the last few months. As mentioned earlier, the crypto exchange entered France in May. Then, on September 20, Binance secured a Minimal Viable Product (MVP) license from Dubai's Virtual Asset Regulatory Authority (VARA). This is an upgrade from its provisional license, which it received in March 2022.
A few days later, on September 29, the company announced its entry into New Zealand and opened offices in the country. Most recently, on October 6, the world’s largest exchange received a license to operate in Kazakhstan, which is second only to the US in terms of Bitcoin mining hash rate.
The race to enter new markets, despite the crypto winter and several job cuts, is a positive sign. It indicates that the largest crypto exchanges in the world are anticipating future growth and are optimistic about the crypto market. Their growing presence could also expedite the adoption of digital assets in these emerging markets. All of which is good news for the cryptoverse.
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