Coinbase is the first crypto exchange to obtain a UK bank account – the company sees Europe as ”the next chapter”

Coinbase announces that has been granted an e-money license by the UK’s Financial Conduct Authority (FCA). The license will allow Coinbase to issue e-money and provide payment services in the UK.

”We are committed to making sure customer funds are always secure and this update means that our e-money operations have safeguards and operational standards at par with other regulated financial institutions. An example of this is segregation of client funds, where all customer fiat balances will be separated from Coinbase’s funds and kept in separate bank accounts.”, says Zeeshan Feroz, CEO of Coinbase.

”Our e-money license will extend beyond the UK to 23 countries within the EU. We believe that this is an important step towards our commitment to making cryptocurrency accessible to everyone.”

In another first, the company is announcing that Coinbase will add support for the UK’s Faster Payments Scheme (FPS).

”By replacing SEPA for UK customers, Faster Payments will offer a familiar payment experience and is supported by all major UK banks. UK customers will benefit from faster, safer and seamless bank transfers. We will start with a pilot, giving a small number of institutional users access to Faster Payments. In the coming weeks, we will begin rolling out to all UK customers, making the Coinbase experience increasingly easier.”, says Zeeshan Feroz.

”Since we began offering our services to 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. (…) we have steadily seen our user base grow and the last 6 months have been our strongest ever. The United Kingdom is our fastest growing market with Switzerland, Spain and France close behind.”

”So, we’re taking the next step in our transition to a truly global organisation. We have big plans for the year ahead.” added the Coinbase CEO.

Here is what clients can expect from Coinbase in the next 12 months:
. Better localisation — We’ll be improving the UX, starting with the onboarding experience. Expect support for more fiat currencies and languages to follow.
. Local payment methods — We’ll be adding alternative payment methods, making it easier to add and withdraw funds from your Coinbase account.
. Customer support — We are making a significant investment in customer support. Expect quicker response times and support in local timezones.

Source: Coinbase