Key dealers
- Coinbase received FCA approval to offer direct crypto services in the UK.
- Registration positions Coinbase as the largest digital asset player in the UK market.
Britain’s Financial Conduct Authority (FCA) has Greenlit CB Payments Ltd. (CBPL), Coinbase’s UK’s based subsidiary, to offer crypto services directly in the country, according to an update of the controller’s registered crypto company list.
The recently granted FCA registration allows Coinbase to provide services directly to UK customers without intermediaries. Companies that offer crypto services in the UK must register with FCA during money laundering, terrorism financing and transfer of funds 2017 to ensure compliance with money laundering.
CBPL, which has had an authorization for e-money institution since 2018, has previously met legislation. In 2020, the unit entered into a voluntary requirement at FCA to handle weaknesses in financial crime.
The company later surpassed these limitations by serving approximately 13,000 high -risk customers, resulting in a fine of £ 3.5 million from FCA in July last year, fintech futures reported.
Coinbase celebrated the new milestone on a Monday Blog posts. The company said that the virtual asset service provider (VASP) registers it as the largest registered digital asset player in the UK market, which the company describes as its largest international market.
“This is a critical registration to cement our strong position in the UK and unlock our ambitious expansion plans,” Coinbase said. “Our mission is to on board the next 1 billion people to crypto, while prioritizing security for customer assets and maintaining the highest standards for compliance.”
The approval allows Coinbase to offer both crypto services in the UK. The company has stated that it will continue to work with decision makers to promote innovation while maintaining the compliance with the legislation.
