Coinbase Receives E-Money License from UK, Becomes the First Cryptocurrency Exchange to Get a UK Bank Account

Cryptocurrency enthusiasts in the U.K. may have a chance to rejoice, since Coinbase, one of the largest and most popular cryptocurrency exchanges in the world, recently announced that it has obtained the coveted E-money license from the country.

The E-money license, obtained from the U.K. Financial Conduct Authority (FCA), is a regulatory license that will allow the cryptocurrency exchange to now “issue e-money and provide payment services in the U.K.”

Speaking about the development, Coinbase mentioned that since it has now established its regulatory compliance with the FCA, it will be able to provide exemplary services to its customers such as the segregation of customer funds, which will allow the exchange to separate its customer’s funds from its own, and have them kept in separate bank accounts for added security.

With the e-money license, coinbase will also add faster payments in the uk

It was also mentioned by Coinbase that it will now be able to utilize the Faster Payment System (FPS) in the U.K. This move will allow the exchange’s customers to have faster and timely transfers.

The exchange mentioned that it will roll out the service to its customers gradually, where they will first be provided to institutional users so that it can ensure that the services are being smoothly delivered before they are deployed to all users.

It was also mentioned by the exchange that the E-money license which it obtained is valid for the 23 countries in the European Union (EU), marking further progress for it.

About Coinbase – IN BRIEF

Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like bitcoin, ethereum, and litecoin. We’re based in San Francisco, California.

Bitcoin is the world’s most widely used alternative currency with a total market cap of over $100 billion. The bitcoin network is made up of thousands of computers run by individuals all over the world.

The company has more than ten million users and has processed more than fifty billion in transactions. Coinbase has also raised two hundred and seventeen million dollars from firms such as Andreessen Horowitz, Y Combinator and others.

Furthermore, Coinbase is a cryptocurrency exchange that covers thirty two countries, provides mobile applications, has secure storage, has a feature for recurring buys and provides insurance protection for digital currency stored on their servers. They are are also leading the way in other regards such as their Coinbase commerce product plus their application programming interface for developers and others.

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By | 2018-03-16T03:11:10+00:00 March 16th, 2018|News|0 Comments

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