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Coinbase has completed its registration with the Financial Conduct Authority (FCA) in the United Kingdom, establishing itself as the largest cryptocurrency exchange in the region. Following a rigorous six-month preparation process, the company is now authorized to provide direct cryptocurrency services, broadening the range of offerings for customers. The fact that only 14% of applications were approved by the FCA highlights the challenges faced during this process. Coinbase officials emphasized the significant resources dedicated to compliance with regulatory requirements.
Regulatory Approval Process
Coinbase’s plans to expand its operations in the UK have been shaped by the FCA’s stringent oversight. Completing the registration process initiated in the first half of 2023 has enabled the company to become a trusted player in the cryptocurrency market. The FCA registration mandates compliance with criteria such as the protection of customer funds and transparent operations. During this period, Coinbase expanded its teams for local regulatory compliance and upgraded its technological infrastructure.
The FCA’s approach towards cryptocurrency firms aims to elevate security standards in the sector. With this approval, it’s expected that investor confidence in the platform will increase. Keith Grose, Coinbase’s UK Manager, stated, “Compliance with the regulatory framework is the foundation for long-term growth.”
Direct Access to Services
Since 2018, Coinbase has been providing indirect services in the UK through CB Payments Ltd. With FCA registration, cryptocurrency trading and fiat transactions will now be offered directly. This change is expected to expedite customer transactions while reducing operational costs for the company. Furthermore, direct communication with the FCA will facilitate the launch of new products.
Grose indicated that products such as staking and stablecoins will be on the agenda in the near future. This announcement serves as a preparatory step for the new regulations the FCA plans to implement in 2026. Grose remarked, “The UK will play a key role in shaping the future of the cryptocurrency ecosystem.”
