Coinbase wins FCA approval to directly offer crypto in UK

Coinbase has secured registration with the U.K.’s Financial Conduct Authority, becoming the latest crypto exchange to operate in the country.

U.S.-based cryptocurrency exchange Coinbase is back in the United Kingdom as it has secured registration with the Financial Conduct Authority, making it the latest exchange to gain approval in the country.

The registration allows Coinbase’s U.K. unit, CB Payments Ltd., to offer crypto services directly. The firm is now listed on the FCA’s register under reference number 900635.

Coinbase already had a presence in the U.K. through CB Payments Ltd. However, it was not allowed to sell crypto directly. Instead, it acted as a gateway for customers to trade crypto through other Coinbase entities. With the approval, CB Payments Ltd. can now provide both fiat and crypto services under its own structure.

For Coinbase, the approval comes despite regulatory scrutiny it faced in July 2024, when the FCA investigated its business over onboarding high-risk customers, which violated earlier restrictions. At the time, the British regulator found that Coinbase Payments Ltd. broke the rules of its restrictions. Coinbase agreed to pay a fine of more than £3.5 million. The exchange claims it has since tightened compliance measures.

Coinbase first launched in the U.K. back in 2015, bringing its crypto wallet and exchange services to British customers. At the time, CEO Brian Armstrong described U.K. interest in crypto as “off the charts.”

The new registration means Coinbase can now communicate directly with the FCA instead of relying on third-party approval. It also positions the exchange to engage in regulatory discussions, including upcoming rules on staking and stablecoins.