Coinbase has acquired BUX’s Cyprus subsidiary and is suspected of entering the field of CFDs

PANews reported on January 3 that according to Finance Magnates, the US-listed crypto exchange Coinbase has acquired the Cyprus subsidiary of BUX (formerly Stryk) and renamed the entity Coinbase Financial Services Europe. BUX CEO Yorick Naeff also confirmed the deal, saying: “We are pleased to sell our MiFID authorized entity BUX Europe Limited (BEU) to Coinbase.”

With this acquisition, Coinbase now holds a Cyprus Investment Company (CIF) license, which authorizes it to offer Contracts for Difference (CFD) products. Additionally, Coinbase can leverage this Cyprus license to offer financial products to other European Economic Area (EEA) member states. The Cyprus Securities and Exchange Commission (CySEC) registrar confirmed that the domain name “coinbase.com/international-exchange/europe” has been approved by the regulator but has not yet been put into use. Although Coinbase has not officially confirmed it, it appears that Coinbase is targeting professional and institutional clients with the services it offers under a Cyprus license.

The deal is suspected to have been completed in October last year, as registration records with the Belgian Financial Services and Markets Authority (FSMA) indicate that the entity’s name was changed from Bux Europe Ltd to Coinbase Financial Services Europe Ltd on October 11, 2024.