Coinbase Secures NYDFS License and Expands Globally

Coinbase has secured a Virtual Currency Business Activity license from NYDFS, allowing it to operate in New York.
The license ensures compliance with strict regulations for consumer protection and anti-money laundering.
Coinbase continues its global expansion, with recent growth in Canada and Singapore, solidifying its crypto leadership.

Coinbase Receives Virtual Currency License from NYDFS

Coinbase, Inc., a leading cryptocurrency exchange, has been granted the authority to engage in Virtual Currency Business Activity by the New York State Department of Financial Services (NYDFS).

This license allows Coinbase to legally operate and offer its services within the state of New York, one of the most highly regulated markets in the United States for financial and cryptocurrency businesses.

This license meets Coinbase regulatory standards in various regions by giving users greater confidence in the platform’s legal compliance and security measures.

New York’s stringent regulatory environment requires businesses to meet high standards for consumer protection. Like anti-money laundering (AML), and know your customer (KYC) practices. With this license, Coinbase affirms its commitment to operating within the state’s rules, safeguarding user funds, and providing transparent and responsible services.

Global Expansion and Local Market Focus

Coinbase’s approval to operate in New York underscores the company’s commitment to global expansion while prioritizing compliance in major financial hubs.

As cryptocurrency continues to gain traction, Coinbase’s NYDFS license is an important step in providing a secure. And compliant environment for users in one of the largest financial markets in the world.

This development reflects Coinbase’s dedication to maintaining the highest regulatory standards. And supporting the continued growth and adoption of cryptocurrency.

User Assurance and Transaction Fees

Virtual currency is not legal tender, is not FDIC-insured, and can be highly volatile, which poses risks to users. Coinbase charges transaction fees based on factors like payment methods and transaction sizes.

If users face issues, they can contact customer support or file complaints with the relevant state regulatory agency using online portals, forms, or emails.

Coinbase has also made major international strides. The company recently secured a restricted dealer registration in Ontario, Canada, becoming the first international crypto exchange to meet the Canadian Securities Administrators’ strict requirements.

Coinbase introduced funding options like PayNow, and FAST bank transfers. To better serve the Singapore market and streamlined its onboarding with SingPass integration.

The company also offers no-fee USDC purchases with SGD. Coinbase invests in the local Web3 ecosystem by hiring talent, supporting local startups, and partnering with key industry players.

Through its international expansion and commitment to local markets. Coinbase is strengthening its position as a global leader in the cryptocurrency space.