- Coinbase’s UK subsidiary, CB Payments Ltd., can now offer fiat and crypto services.
- The platform faced a £3.5m penalty in July 2024 for onboarding risky clients under old rules.
- The FCA registration positions Coinbase to engage with key UK regulations on staking.
Coinbase Inc., a United States-based exchange, has officially been able to make its comeback in the United Kingdom after an announcement that it will register with the FCA. This allowed its subsidiary company, CB Payments Ltd., to practically officially begin offering cryptocurrency services to clients in the United Kingdom. The firm is now included on the FCA’s official register under registration number 900635.
New Registration Expands Services
Before, Coinbase was active under CB Payments Ltd. in the United Kingdom, but it could not sell cryptocurrencies directly. Rather, it used to provide a way for customers to access the trading services offered by Coinbase’s other entities. With the new registration, CB Payments Limited can offer both fiat and cryptocurrencies on its own, improving efficiency and expanding geography.
This approval comes despite Coinbase’s regulatory troubles in July 2024, when the exchange was under investigation by the FCA for onboarding what was considered risky clients under earlier rules. The case led to a £3.5m penalty, which Coinbase accepted to pay. The company has since focused on improving the implementation of compliance measures and meeting the set regulations.
Coinbase initially moved its operations to the United Kingdom in 2015 and began offering its services of digital wallet and trading platform to the users in the country. At the time, in his interview, the CEO, Brian Armstrong, noted that interest in cryptocurrencies in the country was incredibly high and ‘off the charts.’ The most recent FCA registration enables Coinbase to engage directly with FCA and ready the exchange to be part of key FCA regulations, including the staking and stablecoin regulations.
Related: Coinbase Expands in Argentina with New Crypto Services
This move comes as Coinbase aims to change its position according to new legal demands and expand its range of services. Coinbase’s approval in the U.K. is a sign that tokens are gradually becoming intertwined in the financial world as the market advances.
