Coinbase has become the first crypto-exchange to support the UK’s Faster Payments Scheme, and has also been granted an e-money licence by the UK’s Financial Conduct Authority (FCA).
The e-money licence from the FCA will enable the company to issue e-money and provide payment services in the UK. The licence also requires Coinbase’s e-money operations to meet the strict rules enforced by the FCA and the Payment Services Directive. The licence will extend beyond the UK to 23 countries within the EU.
In another first, Coinbase will add support for the UK’s Faster Payments Scheme through a tie-up with Barclays. By replacing SEPA for UK customers, Faster Payments will offer a familiar payment experience and will be supported by all major UK banks.
The company will initially pilot the payments system with a small number of institutional users, before rolling out to all UK customers in the coming weeks.
Coinbase also revealed plans to expand its London team eight-fold by the end of the year, due to the significant growth in demand of cryptocurrencies over the past year.
Latest News
-
Gemini to cut quarter of workforce and exit UK, EU and Australia as crypto slump forces retrenchment
-
Bank ABC’s mobile-only ila bank migrates to core banking platform
-
Visa launches platform to accelerate small business growth in US
-
NatWest to expand Accelerator programme to 50,000 members in 2026
-
BBVA joins European stablecoin coalition
-
eToro partners with Amundi to launch equity portfolio with exposure to ‘megatrends’
Creating value together: Strategic partnerships in the age of GCCs
As Global Capability Centres reshape the financial services landscape, one question stands out: how do leading banks balance in-house innovation with strategic partnerships to drive real transformation?
Data trust in the AI era: Building customer confidence through responsible banking
In the second episode of FStech’s three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech examines the critical relationship between data trust, transparency, and responsible AI implementation in financial services.
Banking's GenAI evolution: Beyond the hype, building the future
In the first episode of a three-part video podcast series sponsored by HCLTech, Sudip Lahiri, Executive Vice President & Head of Financial Services for Europe & UKI at HCLTech explores how financial institutions can navigate the transformative potential of Generative AI while building lasting foundations for innovation.
Beyond compliance: Building unshakeable operational resilience in financial services
In today's rapidly evolving financial landscape, operational resilience has become a critical focus for institutions worldwide. As regulatory requirements grow more complex and cyber threats, particularly ransomware, become increasingly sophisticated, financial services providers must adapt and strengthen their defences. The intersection of compliance, technology, and security presents both challenges and opportunities.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories