Coinbase has received FCA approval to operate in the UK

The American cryptocurrency exchange Coinbase has received approval from the UK Financial Conduct Authority (FCA) to operate in the country as a Virtual Asset Service Provider (VASP). This decision opens up new opportunities for the company in one of the world’s key financial centers.

Thanks to its registration with the FCA, Coinbase will be able to legally provide services to retail and institutional clients in the UK, offering them secure and transparent trading of digital assets. Previously, since 2018, British users could only access fiat money transfer services through Coinbase’s subsidiary, Coinbase Payments. However, the lack of a license prevented the company from offering cryptocurrency products in the UK market.

Coinbase’s management emphasizes that FCA approval is a significant step in the company’s global expansion strategy. In an official press release, the exchange’s representatives stated their ambition to bring another billion users into the crypto industry while ensuring strong asset protection and compliance with strict regulatory requirements. According to the company, the widespread adoption of digital currencies contributes to increased economic freedom and the development of financial technologie

Additionally, Coinbase’s leadership highlights the positive impact of the crypto sector on the UK economy. The adoption of digital assets helps create new jobs, attract investments, and enhance the country’s competitiveness in financial technology. In particular, stablecoins are increasingly used by traditional financial institutions to accelerate payment transactions.

FCA approval became possible six months after the completion of an investigation into Coinbase Payments’ UK branch. In 2023, the regulator imposed a fine of £3.5 million ($4.3 million) on the company for working with high-risk clients without proper oversight. Despite this, Coinbase was able to address the identified violations and successfully obtain a license to operate in the UK.

Coinbase’s registration with the FCA highlights the growing interest in cryptocurrencies in the UK and confirms local regulators’ willingness to integrate digital assets into the traditional financial system. This decision may serve as an example for other cryptocurrency companies looking to enter the UK market and will strengthen London’s position as one of the world’s leading financial technology hubs.