Coinbase Secures FCA Approval, Unlocks Direct Crypto Services in UK
1min read Coinbase, a leading cryptocurrency exchange, has received approval from the UK's Financial Conduct Authority (FCA) to offer direct crypto services in the country. This significant development allows Coinbase to provide services directly to UK customers without intermediaries, positioning it as the largest registered digital assets player in the UK market.
The FCA registration enables Coinbase to ensure anti-money laundering compliance and expand its services in the UK. The company's subsidiary, CB Payments Ltd. (CBPL), has held e-money institution authorization since 2018 and has now secured the necessary approval to offer crypto services directly to UK customers.
Coinbase's UK subsidiary previously faced regulatory scrutiny and entered into a Voluntary Requirement with the FCA in 2020 to address financial crime control weaknesses. However, the company has since worked to strengthen its compliance measures and has now received the green light from the FCA to offer direct crypto services.
In a blog post, Coinbase celebrated the new milestone, stating that the Virtual Asset Service Provider (VASP) registration cements its strong position in the UK and unlocks its ambitious expansion plans. The company is committed to onboarding the next 1 billion people into crypto while prioritizing security for customer assets and maintaining the highest standards of compliance.
The approval enables Coinbase to offer both crypto and fiat services in the UK. The company has indicated that it will continue working with policymakers to promote innovation while maintaining regulatory compliance, ensuring a secure and compliant environment for its growing UK client base.
