Coinbase Acquires BUX Cyprus Unit Expanding Presence In Europe
In the latest development, major US-listed cryptocurrency exchange Coinbase has acquired the Cypriot subsidiary of BUX (previously known as Stryk). Following the acquisition, the entity has been renamed Coinbase Financial Services Europe. The move expands Coinbase’s presence in Europe and is consistent with its strategy to enhance products and regulatory compliance across the region.
BUX CEO Yorick Naeff also confirmed the deal, saying: “We are pleased to sell our MiFID licensed entity, BUX Europe Limited (BEU), to Coinbase, a globally recognized leader in the cryptocurrency industry.”
With its latest acquisition, Coinbase now holds a Cyprus Investment Firm (CIF) license authorizing it to offer Contracts for Difference (CFD) products. Additionally, cryptocurrency exchanges can offer financial products in other European Economic Area (EEA) member states through a Cyprus license.
The Cyprus Securities and Exchange Commission (CySEC) registry has confirmed that the domain name “coinbase.com/international-exchange/europe” has been approved by the regulator but is not yet operational. Notably, Coinbase appears to offer its products under a Cyprus license, targeting professional and institutional clients.
