Coinbase UK granted e-money license, enables Faster Payments Scheme

Coinbase UK granted e-money license, enables Faster Payments Scheme

Crypto exchange and wallet service Coinbase has received an e-money license from the UK Financial Conduct Authority (FCA), according to a blog post by Coinbase UK CEO Zeeshan Feroz published today, March 14. The U.K. subsidiary of the company has also opened an account at Barclays Plc, which will facilitate deposits and withdrawal for its clients.

"The license will allow Coinbase to issue e-money and provide payment services in the UK".

Feroz revealed that users in the European Union grew faster than any of their other markets in 2017. So it's hardly a surprise that the company is expanding here to help meet demand. It is expected that this year the staff will be expanded by roughly eight times.

Coinbase's new e-money licence covers the firm's fiat operations, or money moving in and out of Coinbase and between users.

While a huge portion of the cryptocurrency family is happy with the news, some are still waiting for Coinbase to add Ripple [XRP] on its platform. As such, the license comes with stringent regulations created to protect customers, according to the press release.

From a regulatory standpoint, this means that Coinbase is now able to issue e-money and provide payment services in the United Kingdom and will have passed additional checks in terms of things like the segregation of client funds, which means that customer fiat balances (ie when you deposit funds, such as Sterling) are separated from Coinbase's own operational funds and kept in separate bank accounts.

Moreover, the granted license gives to San Francisco-based Coinbase the right to extend it services to more than 20 other European Union countries. An example is the segregation of client funds, where all customer fiat balances will be separated from Coinbase company funds and kept in separate bank accounts. Nevertheless, there is still no clear understanding whether the upcoming so-called Brexit will affect that. If certain rules allowing the company to continue trading are not preserved, the company will have to suspend operations until a second license from a member state has been granted.

The company also said it was joining the UK Faster Payments Scheme, which aims to provide efficient bank transfers to residents.

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