Coinbase has received approval from the United Kingdom’s Financial Conduct Authority (FCA) to operate as a registered virtual asset service provider (VASP). This approval strengthens its position as the largest registered cryptocurrency exchange in the country.
Coinbase obtains UK FCA approval as registered crypto service provider. Source: Coinbase on XWhat This Means for Coinbase
With the FCA’s approval, Coinbase can offer crypto-to-fiat services to both retail and institutional customers in the UK. The UK is now Coinbase’s biggest market outside the United States, where the company is based.
Coinbase joins FCA’s crypto asset firms list as CB Payments Ltd. Source: FCAThis makes Coinbase the first crypto firm added to the FCA’s register in 2025. The last company to receive FCA approval was trading firm GSR Markets in December 2024.
The crypto exchange received this approval less than a year after the FCA completed an investigation into its UK payments division. The company was fined £3.5 million ($4.3 million) for what it called “unintentional breaches” of a 2020 voluntary agreement. The violations involved onboarding certain high-risk customers.
Despite these past issues, Coinbase’s approval signals a major step in its efforts to comply with UK regulations.
The UK government has expressed interest in making the country a global crypto hub. The FCA is planning to introduce a full regulatory framework for the crypto industry by 2026.
A survey by the FCA in November 2024 showed that 12% of UK adults owned cryptocurrency, up from 10% the previous year. The average amount held per investor also increased from £1,595 ($1,964) to £1,842 ($2,268).
Company Is Trying to Expand in Europe and Asia
Coinbase is growing its presence beyond the UK. It is already registered as a crypto service provider in Ireland, Germany, the Netherlands, and Italy.
The company is also looking at opportunities in Southeast Asia. During the World Economic Forum in Davos, Coinbase CEO Brian Armstrong met with Ralph Recto, the finance secretary of the Philippines. Coinbase is exploring expansion into the country, where it has supported local stablecoin development and commissioned reports on how crypto can improve financial systems.
Global cryptocurrency exchanges are expanding their presence in the European Union, leveraging the region’s comprehensive regulatory framework known as Markets in Crypto-Assets (MiCA). Exchanges like OKX and Crypto.com have obtained MiCA licenses in Malta, while Bitpanda has received approval from German authorities. This regulatory clarity is seen as crucial for building trust with customers.
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