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Coinbase gets e-money license from UK’s FCA

 Coinbase, one of the largest and most popular cryptocurrency exchanges in the US and Europe, announced it has obtained an e-money license from UK’s financial markets and services regulator, the Financial Conduct Authority (FCA).

 

In a blog post Coinbase clarifies that e-money is different than cryptocurrencies and the new license will allow it to provide payment services in the UK and issue e-money and would result in better experience for the customers and an easier to use product. Payments and funds security will also be improved.

 

Abiding by the FCA requirements, Coinbase will be keeping clients in segregated funds and will observe operational standards on par with the other regulated financial institutions. Considering that the FCA has a reputation of a strict and demanding regulator, a license from it usually means the company is safe and reliable.

 

“Our e-money license will extend beyond the UK to 23 (sic!) countries within the EU. We believe that this is an important step towards our commitment to making cryptocurrency accessible to everyone”, Coinbase said. Considering that the UK is about to leave the EU in 2019, it is interesting to see whether Coinbase will apply for a license from another EU country, which would cover the remaining members.

 

Additionally, Coinbase announced it is adding support for UK’s Faster Payments Scheme (FPS). It will replace the SEPA system for UK customers and will offer a familiar payment experience and is supported by all major UK banks. UK customers will benefit from faster, safer and seamless bank transfers. Initially Coinbase will test FPS with a small number of institutional clients and will eventually roll it our to all UK clients.

 

Coinbase is a popular cryptocurrency exchange that offers its services in 32 countries and has over 13 million clients.

 

TAGS: coinbase  fca  license 
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