Major cryptocurrency exchange Coinbase is making significant strides in its European expansion. San Francisco-based Coinbase has now received an e-money license by the Financial Conduct Authority (FCA), the UK’s financial regulator, enabling the cryptocurrency exchange to provide payment- and electronic money services as cash alternatives to customers in the United Kingdom and 23 countries within the European Union.
Coinbase UK chief executive Zeeshan Feroz claims the license mandates Coinbase to comply with ‘strict rules’ enforced by UK regulators. In addition, Coinbase is laying claim to becoming the first cryptocurrency exchange to obtain its own UK-based bank account wherein Coinbase will join the UK’s Faster Payments Scheme for faster and more efficient bank transfers. When implemented, UK customers will be able to send and receive fiat pounds to/from Coinbase at a significantly faster pace than the existing system. While Coinbase hasn’t confirmed its banking partner, the Financial Times is reporting that Coinbase UK has secured a bank account with Barclays, one of Britain’s biggest banks.