Coinbase has registered with the U.K.’s Financial Conduct Authority (FCA), allowing its U.K. arm, CB Payments Ltd., to offer cryptocurrency services directly. The firm is listed under a specific reference number on the FCA’s register.
Previously, Coinbase operated in the U.K. through CB Payments Ltd., which was not authorized to sell cryptocurrencies directly. Instead, it functioned as a gateway, facilitating crypto transactions through other Coinbase entities. With the new approval, CB Payments Ltd. can now offer both fiat and cryptocurrency services independently.
In July 2024, the platform faced regulatory challenges when the FCA (Financial Conduct Authority) investigated the company’s practices for onboarding high-risk customers. This investigation revealed they had breached previous restrictions, resulting in an over £3.5 million fine imposed on Coinbase Payments Ltd. Coinbase has implemented stricter compliance measures to prevent future problems in response to these issues.
Coinbase entered the U.K. market 2015, offering British users crypto wallet and exchange services. At the time, CEO Brian Armstrong highlighted the strong interest in cryptocurrency within the U.K. The recent approval enables Coinbase to communicate directly with the FCA and places the exchange in a strong position to engage in discussions regarding upcoming regulatory frameworks on staking and stablecoins.
Coinbase’s recent approval from Argentina’s National Securities Commission (CNV) as a Virtual Asset Service Provider (VASP) further underscores its global expansion efforts. The approval allows Coinbase to operate under Argentina’s legal framework, opening the door to offering crypto services tailored to the country’s regulations. Findings from its Q4 2024 State of Crypto report, released on January 21, highlighted that 76% of adults in Argentina view cryptocurrency as a viable solution to challenges such as inflation and high transaction costs. By securing regulatory approval in both the U.K. and Argentina, Coinbase continues to position itself as a major player in the global crypto landscape while addressing regional financial needs.
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