Coinbase becomes the largest registered crypto exchange in the United Kingdom after obtaining FCA approval.
Coinbase, one of the most widely used cryptocurrency platforms in the world, has recently achieved a significant victory in the United Kingdom. The Financial Conduct Authority (FCA) has granted them the official VASP (Virtual Asset Service Provider) registration, thereby establishing them as the largest crypto exchange in the United Kingdom. They are now capable of providing both cryptocurrency and cash services to investors and merchants in the country.
Coinbase can now legitimately provide both crypto and fiat services to UK consumers as a result of this approval. Nevertheless, the United Kingdom is Coinbase’s largest international market, a significant accomplishment given that only 14% of applicants receive approval from the FCA.
Keith Grose, the CEO of Coinbase UK, stated that this approval provides Coinbase with new opportunities to introduce innovative products and services to its UK customers.
In the interim, the organization has been working diligently for the past six months to satisfy the regulatory requirements necessary to obtain approval.
CB Payments Ltd. (CBPL), a subsidiary of Coinbase, had been providing e-money services in the United Kingdom since 2018.
Additionally, Coinbase is able to engage in direct communication with the FCA regarding its operations and plans as a result of obtaining this position on the FCA’s register. This eliminates the need to wait for third-party approvals, resulting in a more efficient and seamless process.
This positions Coinbase in an advantageous position for expansion in the United Kingdom. They may also introduce innovative new features, such as stablecoin services and staking, in the near future.
Coinbase’s Vice President for Europe, Daniel Seifert, is exceedingly enthusiastic. He stated, “This technology will generate substantial benefits, including employment creation, growth, and investment throughout the United Kingdom. We are enthusiastic about the prospect of contributing to the United Kingdom’s development and the remarkable prospects that this new technological era presents.
The United Kingdom has been a significant player in the global crypto market in 2024. In a mere year, the percentage of individuals in the United Kingdom who own cryptocurrency has increased from 10% to 12%. This implies that approximately 8.8 million adults currently possess cryptocurrency. A staggering 65 million individuals, including those in the United Kingdom, are part of the crypto surge in Europe.
Nevertheless, Coinbase’s significant initiative—obtaining its VASP registration in the United Kingdom—looks to attract an additional influx of individuals into the cryptocurrency market.
Also Read: China proposes Trump trade agreement to avoid tariffs
Wallets