Registration in the FCA will allow Coinbase, the shares of which are traded on the NASDAQ Stock Exchange, to serve retail and institutional customers, providing them with the opportunity to legally trade digital assets. Since 2018, Coinbase Payments, a subsidiary of Coinbase, offers residents of the UK services for transferring fiat money. However, before receiving a license, the company could not offer the British cryptocurrency products.
“Registration in the department is crucial to strengthen the Coinbase position in the UK and expand the exchange. Our mission is to attract another 1 billion people to the crypto industry, while maintaining the safety of client assets and compliance with high regulatory standards. Large-scale use of cryptocurrencies will increase economic freedom, ”the Coinbase press release indicated.
The leadership of the exchange noted that the cryptosector contributes to the creation of new jobs and attracting investments in the UK. And stablecoins are increasingly used by traditional financial companies to increase the speed of payments.
Coinbase received permission from the British regulator six months after the end of the investigation against the local branch of Coinbase Payments. Last year, FCA fined it for £ 3.5 million ($ 4.3 million) for servicing customers with a high level of risk.
Source: Bits

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