Coinbase has received approval to offer digital asset services to customers in the UK—the latest sign that the U.S. company is deepening its footprint in Europe as it aims to boost business.

The crypto exchange clinched a Virtual Asset Service Provider license from British regulators Monday, according to a company statement. 

The license allows the fintech platform to offer digital asset trading to institutional and retail clients in the UK—a move that lets Coinbase broaden its largely U.S.-centric user base and potentially rake in more revenue. 

“This is a critical registration to cement our strong position in the UK and unlock our ambitious expansion plans,” a Coinbase spokesperson said Monday in the statement, adding that the exchange aims to onboard one billion people to crypto globally.

Coinbase Payments, a subsidiary of Coinbase, has offered e-money services in the UK since 2018. But until now, the company couldn’t offer crypto products and services to users there. 

Coinbase’s approval comes less than a year after regulators settled an investigation into the firm’s British subsidiary, Coinbase Payments, according to the company’s blog

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Author: Liz Napolitano

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