Coinbase obtains FCA´s E-money License and a UK Bank AccountMar 16, 2018, 7:42PM
Coinbase has been granted an E-money license by the UK´s FCA, a bank account by Barclays, and that it will support the Faster Payments Scheme
The UK CEO of Coinbase Zeeshan Feroz announced on March 14th that the company was granted an E-money license by the United Kingdom's Financial Conduct Authority making it the first cryptocurrency exchange to support the Faster Payments Scheme used in the UK. Coinbase also announced it has established “A full banking relationship” with Barclays Bank.
With a fast growing European crypto market, especially in the UK , the E-money license awarded to Coinbase will allow them to provide payment services in the UK, and to emit E-money, and consequently expand their customer base in the country. The license also extends beyond the United Kingdom to the other 23 EU member countries. It requires that Coinbase meet strict regulations enforced by the Financial Conduct Authority and the Payment Services Directive.
With this move, Coinbase aims to offer users a familiar payment experience that is supported by all the important banks in the country. The program will start as a pilot, allowing access to a small number of institutional users, with the rest of customers receiving access in the coming weeks.
Bradley Rice, Senior Regulation Lawyer at Ashurst believes this represents another huge step towards improving the democratization of cryptocurrencies,
"It will make it easier for Coinbase's customers in Europe to move money on and off the exchange, with the comfort of knowing that such transactions are subject to more stringent legal requirements around financial crime and the segregation of customer's money, which can only be good news."
This, first-of-its-kind, move by Barclays, one of the world’s top banks, and comes while international institutions are heavily discussing cryptocurrency and its regulation.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.