Well, well, well, look who’s back in the U.K. like a boomerang that just can’t take a hint! Coinbase has managed to charm the pants off the Financial Conduct Authority (FCA) and has officially secured its registration. Yes, folks, the latest crypto exchange to waltz into the country is none other than our old friend, Coinbase. 🎉
Now, let’s not get too excited. This isn’t some grand return like a long-lost relative showing up at Thanksgiving. Coinbase, the U.S.-based cryptocurrency exchange, has been lurking around the U.K. since 2015, but it was more of a “please don’t look at me” situation. They had a presence through CB Payments Ltd., but they were about as useful as a chocolate teapot when it came to selling crypto directly. Instead, they were just a fancy gateway for customers to trade through other Coinbase entities. Talk about a roundabout way to get to the point! 🙄
But now, thanks to the FCA’s stamp of approval, CB Payments Ltd. can finally offer both fiat and crypto services under its own roof. It’s like they’ve finally been given the keys to the candy store, and let’s hope they don’t eat all the inventory this time. 🍬
Of course, this approval comes with a side of drama. Remember July 2024? The FCA was investigating Coinbase for onboarding high-risk customers like they were collecting Pokémon cards. They found that Coinbase Payments Ltd. had broken some rules, and in a plot twist worthy of a soap opera, Coinbase had to cough up over £3.5 million in fines. Ouch! But don’t worry, they claim they’ve tightened their compliance measures since then. Because nothing says “trust us” like a hefty fine, right? 😅
Back in 2015, when Coinbase first launched in the U.K., CEO Brian Armstrong was practically giddy, claiming the interest in crypto was “off the charts.” I can only imagine the charts were drawn in crayon and featured a lot of exclamation points. 📈
Now, with this shiny new registration, Coinbase can chat directly with the FCA instead of playing a game of telephone with third-party approvals. They’re also gearing up for some serious regulatory discussions about staking and stablecoins. Who knew crypto could be so… bureaucratic? It’s like watching a reality show where everyone is trying to outsmart the rules while wearing suits. 🎭
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2025-02-03 14:52