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Coinbase obtains e-money license in UK, secures bank account with Barclays

U.S.-based cryptocurrency exchange Coinbase, Inc. has secured an electronic money license from the U.K. Financial Conduct Authority, while its British subsidiary has reportedly secured a banking account with Barclays Plc.

In a blog post, Coinbase CEO Zeeshan Feroz said the FCA license will enable the company to issue e-money and provide payment services in Britain. Coinbase's e-money operations will be under the FCA and U.K. Payment Services Directive regulation, with the license also extending to 23 EU countries.

Additionally, the company said it will start supporting institutional clients' transactions through the U.K.'s Faster Payments Scheme. It will start by giving a small number of users access to Faster Payments and will then roll out services to all U.K. customers in the coming weeks, according to Feroz.

Meanwhile the exchange has established an account with Barclays, which will simplify the process of deposits and withdrawals for Coinbase's British clients, who have previously had their transactions processed through an Estonian bank, the Financial Times reported.

This comes amidst a warning by the U.S. Securities and Exchange Commission earlier in March that some exchanges may be operating illegally, while the Bank for International Settlements published a report saying that making digital currencies accessible to the general public could have wide-ranging implications for financial stability.