Coinbase Gains UK Approval, Expands Crypto And Fiat Services

Coinbase, one of the world’s largest cryptocurrency exchanges, has officially secured approval from the United Kingdom’s Financial Conduct Authority (FCA) to operate in the country.

This milestone makes Coinbase the largest crypto exchange registered with the FCA, allowing it to offer crypto services to U.K. investors for the first time.

According to Keith Grose, Coinbase’s U.K. CEO, the approval is a significant step forward. “It opens up new channels and opens up the ability to launch new products and services,” he said in an interview.

The company has spent the past six months working toward securing this approval. The process is highly competitive, as only 14% of applicants have successfully obtained registration. With this status, Coinbase can now facilitate both cryptocurrency and fiat transactions for U.K. traders and investors.

Previously, Coinbase operated in the U.K. through its subsidiary, CB Payments Ltd. (CBPL), which has been offering e-money services since 2018. However, CBPL did not provide direct cryptocurrency services. Instead, it served as a bridge for customers to trade digital assets on other platforms within the Coinbase group.

A Coinbase spokesperson highlighted the significance of this new registration: “Our new U.K. VASP registration will mean that CBPL can not only continue to provide our customers with fiat services, but now can also provide crypto services.”

Additionally, Coinbase will now be able to communicate directly with the FCA regarding its regulatory plans without the need for a third-party intermediary.

Grose also emphasized the company’s future ambitions in the U.K. market. “We’re excited to talk about things like staking, the future of stablecoins in the U.K., and being [virtual asset service provider] registered is part of that for us,” he said, referring to upcoming FCA regulations on cryptocurrencies.
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