Customers to Buy/Sell Crypto via UK Banks: Coinbase Adds British Pound

Customers to Buy/Sell Crypto via UK Banks: Coinbase Adds British Pound

Coinbase, a major U.S. crypto exchange and wallet has now started rolling out British pound (GBP) support, as per an official blog post on August 1

Coinbase customers with a UK bank account can now conduct faster transfers by coming of this feature. This will enable customers to sell and buy crypto for pounds within the same date.

As per the announcement made by Coinbase, before adding the GBP support, the method of buying and selling crypto for fiat took several days for the company’s UK customers which required them to convert their crypto into euros as their first step followed by converting into GBP via international wire transfer.

At present, the feature is available for only some customers. Although, they promise to slowly roll out support to all ll British customers “in the coming weeks.

Furthermore, the announcement says that the company has been diligently working on adding GBP support “over the last few months.”

The company was given an e-money license for fiat money operations from the UK’s Financial Conduct Authority (FCA) in March if this year. It also has access to the UK’s Faster Payments Scheme (FPS), a UK banking agenda which seeks to reduce transaction times.

Coinbase reversed its initial statement in July of this year, that it had got hold of the permission of U.S. Securities and Exchange Commission (SEC) for listing crypto tokens which were seen as securities under U.S. law. It further revealed that both the SEC or the Financial Industry Regulatory Authority (FINRA) had not approved Coinbase to act as a securities dealer, as it was reported previously.

Not long ago in July, the company revealed that it is planning to list five new cryptocurrencies on its platform, including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

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Madhuri Arora
A passionate writer and an avid reader. I love watching action and superhero movies. Love food, music, travel and games.