“Until now, the process of converting Bitcoin, Bitcoin Cash, Ethereum and Litecoin into euros and then into pound sterling, via international bank transfer, took several days. Customers will now be able to transfer pound sterling and use it to directly buy and sell these cryptocurrencies,” Zeeshan Feroz, CEO (UK) at Coinbase says in a blog post.
He adds: “We’ve worked hard over the last few months to add GBP support for Coinbase customers across several of our product offerings in the UK. We’ve also taken major strides towards our goal of making Coinbase the most trusted and compliant brand in the space. These steps include obtaining an e-money licence for our fiat operations from the Financial Conduct Authority (FCA), adding support for the Faster Payment Scheme, and becoming the first cryptocurrency trading platform to obtain a bank account with a major UK bank.”
Coinbase, Coinbase Pro and Coinbase Prime GBP support is now live for some customers, with roll-out continuing in the coming weeks.
New compliance role
Earlier this week, Coin Rivet reported that Coinbase had hired Jeff Horowitz, formerly of BNY Mellon company, Pershing, as Chief Compliance Office.
As regulators around the world increase their scrutiny of the crypto sector, the venture said the new position reflected its “commitment to compliance, as well as its recognition that companies require seasoned teams to deal with regulatory requirements in different countries”.
“As Coinbase – along with the cryptocurrency space as a whole – grows and matures, continued regulatory compliance across all the varying jurisdictions globally will be critical,” Asiff Hirji, Coinbase President and Chief Operating Officer, said in a blog post.
He continued: “Adding Jeff to our team is one more important step along this journey. His experience, vision and judgement will be incredibly valuable as we continue to expand into new markets, and add new services such as Coinbase Custody and our recently announced acquisition of a licensed broker-dealer.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.