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Coinbase receives e-money license in the United Kingdom and European Union

Sanchit Ameria



Coinbase granted e-money license in the United Kingdom and European Union
Source: Pixabay

Coinbase, a cryptocurrency exchange platform is grated with e-money license in the United Kingdom and 23 countries within the European Union by the Financial Conduct Authority [FCA]. This makes Coinbase the first cryptocurrency exchange platform to support the United Kingdom’s Faster Payment Scheme.

As per FCA, Coinbase will be allowed to trade with the European Union Member Nations and the UK. If in case the license does not apply to all the other nations apart from the UK., Coinbase will suspend operations until a second license is granted from a member nation.

This allows Coinbase to supply e-money and provide payment services in the UK and EU. In the meanwhile, Coinbase is required to follow the rigid rules and regulations enforced by the Financial Conduct Authority [FCA] and the Payment Services Directive.

Coinbase even announced that their commitment towards keeping the customers’ funds secure will not be compromised and they will make sure that the e-money operations will have the safeguard and operational standards in par with the regulated financial institutions. In order to maintain the same, Coinbase will be segregating the client funds where all the fiat currencies of the customers will be kept in a separate bank and not with the Coinbase funds.

In addition to this news, Coinbase will also be supporting the UK’s Faster Payment Scheme which will offer all the users a payment experience similar to that of SEPA and will be supported by all the major banks in the UK.

Zeeshan Firoz, CEO of Coinbase says:

“Since we began offering our European users in 2014, we have seen the crypto space grow significantly. The EU grew twice as fast as any of our other markets in 2017, and the UK continues to be our largest market here.”

He further adds:

“As European interest in Cryptocurrency grows, we remain dedicated to bring the most secure exchanges and see these announcements as important steps forward in our mission to creating an open financial system for the world.”

While a huge portion of the cryptocurrency family is happy with the news, some are still waiting for Coinbase to add Ripple [XRP] on its platform.

Raahat, a Twitterati says,

“Good news, but there will be extra big news when XRP add on  Coinbase.”

Sumeet Arora, another Twitterati says,

“Suggestion Coinbase: for faster payments and deposits in fiat currency… use XRP rapid… 😊. Add Ripple now and earn fast and let people also earn with you!!”

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A part-time contributor at AMBCrypto, Sanchit is a IIM, Indore graduate with interests in the blockchain and cryptocurrency technology. His work has been published by Indian Commerce Magazine and a couple of other local publications. Sanchit currently does not hold any value in any cryptocurrencies or projects.