Title: Coinbase Makes a Breakthrough in the UK Crypto Market
Coinbase (COIN), a leading player in the cryptocurrency exchange market, has achieved a significant milestone, securing a position on the Financial Conduct Authority (FCA) register in the UK. This crucial step allows Coinbase to expand its crypto services to the UK market for the first time.
Coinbase’s UK CEO, Keith Grose, expressed his excitement in a recent interview, pointing out that this development opens up new avenues for the launch of innovative products and services for the crypto-savvy audience in the UK.
The process to obtain approval from the FCA, as shared by Grose, has been a six-month journey for Coinbase, culminating in Monday’s successful registration. As a registered entity, Coinbase is now equipped to offer both cryptocurrency and cash options for investors and traders in the UK. However, earning a place on the FCA register is no mean feat, with only 14% of applicants managing to secure a spot.
Coinbase has been present in the UK market since 2018 through its subsidiary, CB Payments Ltd., which has been providing e-money services. However, this London-based unit did not directly offer cryptocurrency services but instead served as a conduit for customers to trade crypto within the Coinbase group.
The current VASP (Virtual Asset Service Provider) registration in the UK means that CB Payments Ltd can continue offering fiat services to its customers while adding crypto services to its portfolio, a spokesperson from Coinbase confirmed.
Furthermore, this registration enables Coinbase to communicate its plans and strategies directly with the FCA, eliminating the need for a third-party approver.
Grose expressed his enthusiasm about discussing various aspects like staking, the future of stablecoins in the UK, and the implications of being a VASP-registered entity, which he believes is an essential part of Coinbase’s growth strategy in the UK.
By securing a spot on the FCA register, Coinbase has reinforced its commitment to providing a secure and efficient trading platform for crypto enthusiasts in the UK, further solidifying its position as a global leader in the crypto exchange market.
