Leading cryptocurrency exchange, Coinbase has received regulatory approval from the United Kingdom’s Financial Conduct Authority (FCA). According to the regulator’s website, the exchange has officially become a virtual asset service provider.
Likewise, the permit will support Coinbase to operate legally in the country and become a market leader in one of the hottest crypto hubs. Further, the approval underlines the commitment of the exchange towards availing its services to global crypto enthusiasts.
Lately, the crypto trading platform has focused on fostering good relationships with global and local regulators to ensure a safe market atmosphere for investors. The approval surfaced less than a year after the FCA fined Coinbase Payments for breaching some regulatory stipulations.
An investigation from the FCA revealed that the exchange onboarded some high-risk users. Consequently, the newly approved license indicates that the exchange has further improved its compliance efforts with the FCA guidelines.
How Coinbase is intensifying market expansion efforts
The leading cryptocurrency exchange in recent times has strengthened its market expansion effort. On January 28, Coinbase announced that it had secured approval to operate legally in Argentina.
In the announcement, the firm disclosed how the license will allow the exchange to offer services in Spanish and incorporate local payment systems. The move according to Coinbase is part of its commitment to enhance global financial freedom, user safety, regulatory compliance, and customer education.
Considering the increasing interest in crypto, Coinbase is expanding its market presence across various regions and countries. By that, Coinbase is further biting into the market share of Binance and gaining more users.
Meanwhile, the expansion into the UK further solidifies the presence of Coinbase in Europe. Currently, the crypto exchange is legally operating in EU member states like Ireland, Germany, Netherlands, and Italy.
Aside from expanding into different crypto hubs, the exchange is also adding industry experts and former lawmakers to its leadership team. Recall that in late January, Binbits reported that Coinbase appointed four persons to its advisory board, including Chris LaCivita, who formerly worked as Donald Trump’s campaign manager.
Alongside LaCivita, other appointees include erstwhile US Senator, Kyrsten Sinema, finance expert, Luis Alberto Moreno, and former President of Federal Reserve Bank of New York, Bill Dudley. The firm aims to leverage their expertise to navigate the new political and regulatory structure in the US.