Brexit Sends Coinbase to Ireland

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Dublin

Coinbase, the biggest crypto broker and exchange, has announced they’ve secured an e-money license in Ireland to “allow us to secure passporting for our customers across the EU and EEA.”

Britain’s proposed exit from the European Union has forced Coinbase to move its EU related operations, with the Silicon Valley based company choosing Ireland instead of Amsterdam or other financial centers in Europe.

“Europe represents a huge opportunity for Coinbase and today’s announcement is another positive step for us in the region,” Coinbase said before adding:

“The approval from the Central Bank of Ireland will now enable us to expand our Irish operation and deliver a better product to customers across some of our fastest-growing markets.”

This announcement is made just as UK heads to an historic week that culminates on Saturday when a million people are expected to march in support of staying in the union while Parliament votes on a potential deal and/or referendum.

The outcome of those votes may determine whether Coinbase does actually have to move as a referendum would have the choice of remain.

In addition, if the deal passes there would be a two years long transition period, with this move by Coinbase seemingly being more in preparation for a no deal exit which now looks unlikely.

Copyrights Trustnodes.com

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Most businesses move to ireland for the reduction in tax. Most tech companies have moved purely for this reason before any indication of Brexit.