Coinbase Cryptographic Exchange and Coin Exchange Service Received a License Electronic money from the Financial Conduct Authority (FCA), according to an article by Zeeshan Feroz, CEO of Coinbase UK released today, March 14.
Feroz notes that the license only applies to Coinbase's fiat activities, and not to its cryptocurrency transactions. The company's CEO in the UK told Business Insider that "the way of thinking is that it's all the money we manage: money, money."
e-money license applies in the United Kingdom. This means that Coinbase can "issue electronic money and provide payment services in the UK."
Feroz also told Business Insider that receiving the FCA Electronic Money License is a "KYC compliance and process approval that we have today," adding:
"There is an element of trust in a company that is regulated by CAF."
Coinbase & # 39; s The FCA license will probably not apply to the whole of the European Union if Britain does not retain its passport rights after the Brexit, notes Business Insider, which would lead Coinbase to open a new office in the EU
Due to the fact that the European crypto sector would have grown "twice as fast as all [their] other markets in 2017," with the UK as the "biggest market" of the company , Feroz said that Coinbase attaches particular importance to its activities b ritish:
market for us, Brexit or no Brexit. We have access to a type of talent pool that you will not find anywhere else than in Britain in Europe. We certainly intend to invest considerably in the UK office and headquarters here.
Coinbase also became the first crypto exchange to open a bank account in the UK, apparently at Barclays.Their partnership with Barclays gave crypto access and wallet to the FPS system ( Faster Payments Scheme)
Coinbase and its trading platform, Global Digital Asset Exchange (GDAX), recently announced the support of Segregation Witness (SegWit), an upgrade to the Bitcoin scalability (BTC), to reduce transaction times for their customers After the addition of Segwit, a bug in the payment gateway system was spotted and fixed after some customers lost funds from BTC transactions.