Coinbase authorized to operate in the UK as a VASP provider

The UK Financial Conduct Authority (FCA) has granted permission for the US-based crypto exchange Coinbase to operate in the country as a virtual asset service provider (VASP). This was reported by the platform’s press service.

Registration with the FCA will allow the exchange to serve retail and institutional clients, enabling them to legally trade digital assets. Since 2018, Coinbase Payments, a subsidiary of Coinbase, has been providing fiat money transfer services to UK residents, but until obtaining this license, the company was unable to offer cryptocurrency products to clients.

"Registration with the authority is crucial for strengthening Coinbase's position in the UK and expanding the exchange. Our mission is to bring 1 billion more people into the crypto industry while ensuring the security of client assets and adherence to high regulatory standards. Widespread adoption of cryptocurrencies will increase economic freedom," Coinbase stated.

It is worth noting that from December last year to January 2025, Coinbase clients lost more than $65 million due to fraud involving social engineering. This was reported by on-chain detective ZachXBT.