Coinbase secures FCA approval as registered crypto service provider in the UK

On Feb 3, 2025, Coinbase, one of the world’s largest cryptocurrency exchanges, has received approval from the United Kingdom’s Financial Conduct Authority (FCA) as a registered Virtual Asset Service Provider (VASP).

This approval cements Coinbase’s position as the largest registered digital asset platform in the UK, aligns with Coinbase’s global expansion strategy.

With this regulatory greenlight, Coinbase is now authorized to offer both retail and institutional crypto services, including fiat-to-crypto transactions, in its largest international market outside the United States.

The UK’s regulatory landscape has been increasingly receptive to cryptocurrency innovations, with the FCA signaling a commitment to fostering economic freedom.

Coinbase is aggressively expanding across Europe. The UK joins a growing list of regulated jurisdictions for Coinbase, including Ireland, Germany, the Netherlands, and Italy.

The registration also marks the first crypto asset firm added to the FCA’s register in 2025, following GSR Markets' approval in late December 2024.

It allows Coinbase to serve both individual and institutional customers in the UK with a wider suite of financial products.

Coinbase’s UK approval follows a period of regulatory scrutiny. Less than a year ago, the FCA concluded its investigation into Coinbase Payments for what the exchange described as "unintentional breaches" of a 2020 voluntary agreement.

The violations resulted in a £3.5 million ($4.3 million) fine, linked to the onboarding of certain high-risk customers. Since then, Coinbase has worked closely with regulators to strengthen compliance measures.

The FCA’s approval signals growing regulatory acceptance of cryptocurrency platforms that prioritize security and compliance.

While Coinbase is solidifying its presence in Europe, its ambitions stretch further east.

At the recent World Economic Forum in Davos, CEO Brian Armstrong held discussions with Ralph Recto, the Filipino finance secretary, about Coinbase’s potential entry into the Southeast Asian market.

The Philippines Department of Finance confirmed that the meeting was requested by Coinbase, which has already been engaging with local developer initiatives in the Philippines and Thailand to foster stablecoin adoption.

The exchange has been increasing its footprint in the region, having secured regulatory approval in Singapore in October 2023.

A Coinbase-commissioned study also analyzed how crypto could enhance financial systems in five nations, including the Philippines.

The UK government has expressed growing interest in the cryptocurrency industry, viewing it as a driver of economic growth and innovation.

Coinbase executives emphasized that the FCA’s registration represents an opportunity to foster job creation, investment, and financial inclusion in the UK.

Coinbase aims to play a key role in bridging the gap between traditional and digital finance. With its latest FCA approval, the company continues its mission to onboard the next billion people into cryptocurrency market.