Germany grants Coinbase licence for crypto custody services

The logo for Coinbase Global Inc, the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York, U.S., April 14, 2021. REUTERS/Shannon Stapleton/Files

FRANKFURT (Reuters) - Germany's financial market watchdog BaFin on Monday granted the cryptocurrency exchange Coinbase permission to provide crypto custody services and proprietary trading, the first licence it has issued for such business in Germany.

The licence allows Coinbase Germany GmbH to conduct proprietary trading of crypto assets, BaFin added.