Coinbase’s Spain registration, OKX’s reserve report and other crypto-industry developments

Here are the week’s most important crypto-industry headlines.

Coinbase has received approval from the Bank of Spain to provide cryptocurrency-related services

Coinbase has obtained registration with AML requirements from the Bank of Spain. The move will allow the exchange to offer a full range of retail and institutional products and services to the country. Earlier, similar licenses were granted to Crypto.com and Bitstamp.

The initiative will support Coinbase’s expansion plans in the EU. Previously, the company obtained registration as a VASP in Italy, Ireland and the Netherlands.

According to Coinbase, 29% of Spain’s adult population views cryptocurrencies as the future of finance, while digital assets are the second most popular method of payment in the country.

Earlier this week there was news of a suspension of operations at Gemini in the Netherlands from November 17. As with Binance previously, the platform’s management cited regulatory-compliance difficulties. Users were advised to withdraw or transfer their assets by the specified deadline.

OKX published its 11th monthly reserve report

The OKX exchange has published its 11th monthly reserve report (Proof-of-Reserves), showing $11.2 billion in bitcoin, Ethereum and the stablecoin USDT from Tether.

Over the last month the platform increased crypto reserves by $0.8 billion.

The report covers 22 digital assets, including USD Coin (USDC), Dogecoin (DOGE), XRP from Ripple, Solana (SOL) and others. According to the exchange, client funds on the platform are more than 100% backed.

For auditing balances, the platform takes a snapshot and uses a Merkle tree-based system to guard against unauthorized access.

Circle launched a stablecoin EURC on the Stellar network

Circle launched the euro-denominated stablecoin EURC on the Stellar network. Previously the asset received Ethereum and Avalanche support.

“EURC can be sent, spent, stored and traded worldwide 24/7 with inexpensive, near-instant transactions. […] The launch of the stablecoin could radically improve European remittance corridors, cross-border payments, treasury management and humanitarian aid payouts,” — the statement said.

The company also announced a change in the official names of the stablecoins USD Coin and Euro Coin to USDC and EURC. The new names align with the stablecoins’ tickers. The issuer noted it will gradually retire the old names USD Coin, Euro Coin and EUROC.

Bitget announced the listing of PayPal’s PYUSD stablecoin

Bitget said it will add PayPal USD (PYUSD) to its list of traded instruments. The exchange’s representatives explained that this move aims to ensure traders can operate smoothly in line with legal requirements.

PayPal emphasized that PYUSD is already present in native crypto practice and is becoming more accessible as the ecosystem grows.

A number of platforms previously added support for the coin:

• exchanges (Crypto.com, Bitstamp, Coinbase and Kraken);
• wallets (MetaMask, Ledger and Phantom);
• custodians and institutional-service providers (Fireblocks, Copper, Paxos and Fordefi);
• well-known DeFi applications.

Binance considers issuing a yen-backed stablecoin in partnership with MUFG

Binance and MUFG’s Mitsubishi UFJ Trust and Banking Corporation agreed to study the issuance of a new fiat-backed stablecoin, linked to fiat currencies, including the Japanese yen.

The plan is to use MUFG’s Progmat Coin platform as the underlying infrastructure. The partners expect to begin operations with the stablecoin by the end of 2024, subject to regulatory approvals, they added.

In August, ForkLog reported that Binance, in its initial phase of returning to Japan, planned to add 34 coins to the listing. In November 2022 the company acquired the Sakura Exchange BitCoin cryptocurrency exchange, registered with the local Financial Services Agency.

Also on ForkLog:

• Binance announced its exit from Russia.
• Coinbase will launch perpetual futures trading.
• CommEX acknowledged the presence of former Binance employees in the company.
• Bloomberg: the Kraken cryptocurrency exchange will launch stock trading.
• Hong Kong authorities seized over $2.8 million in the JPEX case.
• Ripple declined to acquire Fortress Trust.
• Gemini allocated $24 million for expansion in India.
• BlockFi received court approval for carrying out its liquidation plan.
• Celsius creditors voted for the reorganisation plan.
• Bitget Wallet added support for euros, rubles and Japanese yen.

The Binance CEO Changpeng Zhao revealed details of the sale of its Russian business CommEX. ForkLog has asked experts for their views on the platform’s strategic move.