Coinbase Partnered With Barclays, Obtained a License From a British Regulator

March 14, 2018

One of the world's largest cryptocurrency exchanges Coinbase opened a bank account with a British bank Barclays. This account will simplify the work on the exchange for British users of Coinbase. The agreement becomes the first of its kind concluded between a commercial bank of Great Britain and a cryptocurrency exchange.

Coinbase is one of the ten most popular cryptocurrency exchanges in the world. It also obtained an e-money license from a UK regulator Financial Services Authority (FCA) and started to support Faster Payments (FPS) payment service.

This service will ease the deposit and the withdrawal of funds from the exchange for British customers. Earlier, they had to conduct these operations through an Estonian bank, and it took several days to process some transactions. Moreover, they were losing the part of their funds due to exchange rates when converting pounds to euros and back to pounds.

British CEO of Coinbase Zeeshan Feroz wrote in a blog post:

"U.K. customers will benefit from faster, safer and seamless bank transfers. We will start with a pilot, giving a small number of institutional users access to Faster Payments. In the coming weeks, we will begin rolling out to all U.K. customers, making the Coinbase experience increasingly easier."

As for the license from the FCA, it is extended not only in the UK, but also in 23 EU countries. According to Feroz, this step is important for making cryptocurrency available for everyone.

It is noteworthy, that earlier British regulators several times warned investors about the risks related to cryptocurrency. Earlier in March, the head of Bank of England Mark Carney told that the bank is ready to take more serious steps on cryptocurrency regulation.

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