Following its successful registration with the UK's Financial Conduct Authority, Coinbase has become the first major cryptocurrency exchange to be granted permission to operate in the country. This development enables the company to expand its services, offering both cryptocurrency and traditional currency options to investors and traders in the UK.
According to Keith Grose, Coinbase's UK CEO, this milestone "opens up new channels and enables the launch of new products and services." The registration process, which took six months to complete, allows Coinbase to provide a broader range of services, including cryptocurrency trading, to its UK customers. Previously, the company's UK presence was limited to its CB Payments Ltd.
subsidiary, which offered e-money services but not direct cryptocurrency trading. With this new registration, Coinbase can now engage directly with the FCA regarding its plans and communications, without relying on a third-party intermediary.
Grose expressed enthusiasm about exploring new opportunities, including staking and the future of stablecoins in the UK, now that Coinbase has achieved virtual asset service provider registration.