Coinbase Secures Registration with UK’s Financial Conduct Authority (FCA)

Crypto Exchange Becomes Largest to Operate in the UK

Crypto exchange Coinbase (COIN) has become the largest crypto exchange to operate in the United Kingdom after securing a spot on the register of the Financial Conduct Authority (FCA). This allows the exchange to offer crypto services in the country for the first time.

According to Keith Grose, Coinbase’s UK CEO, “It opens up new channels and opens up the ability to launch new products and services.”

Coinbase’ 6-Month Effort Pays Off

Coinbase has spent the last six months working towards Monday’s approval, said Grose. By becoming a registered firm, Coinbase can offer both crypto and cash for investors and traders in the UK.

Gaining a spot on the register is challenging, with just 14% of applicants succeeding.

Coinbase’ UK Presence Expanded

Coinbase already had a presence in the UK through its CB Payments Ltd. subsidiary, which has provided e-money services since 2018. The London-based unit did not offer cryptocurrency services directly, but acted as a gateway for customers to trade crypto on entities within the Coinbase group.

“Our new UK VASP registration will mean that CBPL can not only continue to provide our customers with fiat services, but now can also provide crypto services,” a Coinbase spokesperson said.

Coinbase will also now be able to talk to the FCA directly about its communications and plans without relying on a third-party approver as it was necessary beforehand.

Coinbase’ Future Plans

“We’re excited to talk about things like staking, the future of stablecoins in the UK, and being [virtual asset service provider] registered is part of that for us,” Grose said, alluding to the FCA’s incoming crypto regime.

Conclusion

Coinbase’ registration with the FCA marks a significant milestone for the exchange, allowing it to expand its services in the UK and offer a wider range of options for investors and traders. With its new registration, Coinbase can now offer both crypto and cash services, providing a more comprehensive platform for its customers.

FAQs

Q: What does Coinbase’ registration with the FCA mean for its UK operations?

A: Coinbase’ registration with the FCA allows it to offer both crypto and cash services to investors and traders in the UK, expanding its presence in the country.

Q: How does this impact Coinbase’ future plans in the UK?

A: The registration enables Coinbase to launch new products and services, including staking and stablecoins, and to engage in direct discussions with the FCA about its communications and plans.

Q: What percentage of applicants to the FCA’s register are successful?

A: Only 14% of applicants to the FCA’s register are successful.

Q: What is the significance of Coinbase’ registration for the UK crypto market?

A: Coinbase’ registration marks a significant milestone for the UK crypto market, providing a major player in the space with a presence in the country and increasing the availability of crypto services to investors and traders.