UK’s Financial Conduct Authority has granted Coinbase E-Money License. It’s now clear that Coinbase is ready to increase its global market share for licensed cryptocurrency exchanges.
The San Francisco-based cryptocurrency exchange announced that it has been granted an e-money license by the UK’s Financial Conduct Authority (FCA), allowing the company to issue “e-money” and provide payment services.
With this, it means the San Francisco-based CryptoCurrency exchange will have to match operations by traditional operators like the seperation of client funds, where all customer fiat balances must be set apart from company funds and kept in separate bank accounts.
In addition, the FCA license will allow Coinbase to trade freely in any other European Union member state with minimal additional authorization under what is known as the EU passporting system.
Coinbase UK CEO Zeeshan Feroz, said:
“For our customers, this will ultimately help us deliver a better experience through new partnerships and an easier to use product. We are committed to making sure customer funds are always secure and this update means that our e-money operations have safeguards and operational standards at par with other regulated financial institutions,”“Our e-money license will extend beyond the UK to 23 countries within the EU. We believe that this is an important step towards our commitment to making cryptocurrency accessible to everyone.”
Coinbase appears poised to increase its global market share for licensed cryptocurrency exchanges. For more updates you can subscribe to our newsletter below.