Coinbase Secures FCA Approval to Offer Crypto Services in the UK
- Coinbase secures FCA approval, securing its UK Virtual Asset Service Provider (VASP) registration.
- The approval allows Coinbase to offer crypto and fiat services to UK users.
- The exchange becomes the largest registered crypto platform in the country.
The Financial Conduct Authority (FCA) has granted Coinbase its UK Virtual Asset Service Provider (VASP) registration. According to the press release, the exchange will now be able to offer crypto and fiat services to UK users under the UKs regulations. This milestone makes Coinbase the biggest FCA-registered crypto exchange in the country.
The approval comes as Coinbase eyes the expansion of retail and institutional services in the country. Only 14% of applicants are approved, subject to the FCAs rigorous registration process. This move shows the companys willingness to adhere to UK rules and regulations and its desire for safe trading.
COINBASE SECURES SPOT ON UK FINANCIAL CONDUCT AUTHORITY (FCA) REGISTER TO OFFER CRYPTO SERVICES IN THE COUNTRY FOR THR FIRST TIME
BSCN (@BSCNews) February 3, 2025
The UK Financial Conduct Authority (FCA) has granted @Coinbase a place on its register, enabling it to launch crypto services in the UK for the https://t.co/42emWdKKoa pic.twitter.com/eJNOa7kwMk
Coinbase Expands UK Crypto Services
Coinbase has been active in the UK through its subsidiary CB Payments Ltd. which has provided e-money services since 2018. However, it needed third-party rights to deal with the FCA. The new registration removes this obstacle, thereby enabling direct communication with the regulator.
Crypto ownership in the UK has increased significantly. Recent data reveals that 12% of UK adults, which equates to 8.8 million people, now hold digital assets. This is up from 10% in previous years. The crypto user base has reached 65 million across Europe, indicating a growing interest in digital currencies.
This registration will enable Coinbase to offer staking services, stablecoins, and other crypto products. FCA approval helps to meet the legal requirements of the UK, thus providing better protection for investors and traders. This move also corresponds with the UK governments effort to encourage pro-crypto regulations.
Coinbase is positioned to solidify its presence in the UKs financial ecosystem as institutional and retail investors gain access to its services. The FCAs regulatory framework provides legal clarity, making mainstream crypto adoption easy.
In a recent development, Coinbase Derivatives filed to list Solana (SOL) and Hedera (HBAR) futures contracts with the Commodity Futures Trading Commission (CFTC). The exchange plans to launch the new contracts on February 18, 2025, if approved. The move is part of Coinbases desire to expand its derivatives offerings.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
