Coinbase Gains FCA Registration: What It Means for U.K. Crypto Market
Coinbase Gains FCA Registration – Crypto exchange Coinbase (COIN) has officially secured a spot on the Financial Conduct Authority’s (FCA) register, making it the largest crypto exchange to operate in the U.K. for the first time. This approval opens the door for Coinbase to offer both crypto and fiat services to investors and traders in the region. Keith Grose, Coinbase’s U.K. CEO, highlighted in an interview that this approval will enable the company to expand its services and launch new products.
A Challenging Process to Gain FCA Registration
Becoming registered with the FCA is no small feat. According to reports, only 14% of applicants have successfully gained approval, making this achievement a significant milestone for Coinbase. Grose revealed that Coinbase spent the last six months working towards obtaining the approval, emphasizing how challenging and important the registration is for the company’s operations in the U.K.
Expanding Coinbase’s Presence in the U.K.
Coinbase has already been present in the U.K. through its subsidiary, CB Payments Ltd. (CBPL), which has been offering e-money services since 2018. However, CBPL did not directly offer cryptocurrency services. Instead, it acted as a gateway, enabling U.K. customers to access crypto trading through Coinbase’s international entities. With the new registration, Coinbase will be able to directly offer crypto services within the U.K. for the first time.
A Stronger Connection with the FCA and the Future of Crypto in the U.K.
With the new registration, Coinbase will now be able to engage with the FCA directly about its operations, plans, and communication, eliminating the need for third-party intermediaries. Grose expressed excitement about discussing the future of staking, stablecoins, and other aspects of the crypto market with the FCA. This marks a significant step forward for Coinbase and the broader cryptocurrency ecosystem in the U.K.
Coinbase’s latest achievement highlights the increasing regulation and institutionalization of the crypto industry in the U.K., setting the stage for more players in the market to seek regulatory approval and create a clearer framework for digital assets. As the market continues to evolve, Coinbase’s success could be a model for other crypto exchanges looking to expand into regulated markets globally.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
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