Coinbase becomes the first cryptocurrency exchange to receive e-money license in the UK and EU

Coinbase has been graced with an opportunity to be the first cryptocurrency exchange platform to get licensed as an e-money payment platform in the United Kingdom as well as in 23 more countries within the European Union. The crypto is going to play a huge role in contributing to the regions’ Faster Payment Scheme.

Coinbase will have the chance to trade with EU Member Nations, and the United Kingdom. However, its operations will have to be suspended in case if the license is not applicable to the other nations until the time the particular member nation will give another license. The decision makes Coinbase an e-money supplier in both the UK and the EU. Although, the exchange platform will have to follow the rules and the regulations put in place by the Financial Authority (FCA) as well as those in the Payment Service Directive.

Zeeshan Firoz, CEO of Coinbase said in a statement:

“Since we began offering our European users in 2014, we have seen the crypto space grow significantly. The EU grew twice as fast as any of our other markets in 2017, and the UK continues to be our largest market here.”

“As European interest in Cryptocurrency grows, we remain dedicated to bring the most secure exchanges and see these announcements as important steps forward in our mission to creating an open financial system for the world,” the CEO added.

Coinbase assured customers that their funds will be safe as outlined by the regulations from the financial institutions. Even though this news has been received well by the entire cryptocurrency family, some participants are waiting with bated breath for Coinbase to add Ripple to its asset listings.