Coinbase has begun accepting deposits and withdrawals in British Pound, making them the very first regulated crypto-exchange to do so as far as we are aware.
In a statement today Coinbase said they will roll out British Pound deposits and withdrawals for their crypto-broker Coinbase customers, the exchange customers at Coinbase Pro and institutional investors on Coinbase Prime.
“Faster payments will benefit all UK customers, enabling almost immediate transfers. This is essential for Coinbase Pro and Coinbase Prime customers in particular who will now be able to transfer funds quickly,” they say.
Coinbase announced back in March they were able to secure a bank account with Barclays after receiving an e-money license from the Financial Conducts Authority (FCA).
That means British Coinbase customers can now send withdrawals or deposits almost instantly as under faster payments there’s usually no delay at all when transferring money between British bank accounts.
Coinbase says this service is currently available to only some of their existing customers, but they are rolling it out to all UK cryptonians in the coming weeks.
Their offering is currently limited to ethereum, bitcoin, bitcoin cash and litecoin, but they’ve announced plans to add ETC too.
They further said recently that BAT, Cardano, Stellar and Zec is under consideration of being listed on the crypto broker and their exchange.
Earlier this year they further announced plans to list ERC20 tokens, gaining a license to list security tokens or assets through an acquisition recently.
That all suggests their offerings may increase considerably in the coming months, with Coinbase so entering a UK market that in this particular area is completely unserved in British Pounds.
They thus might have little competition, but the Silicon Valley based crypto giant has faced criticisms for utilizing algorithms far too much in verifications and authentications with many false positives leading to far too many complaints.
Moreover, their crypto broker, Coinbase, and their exchange, Coinbase Pro, do not seem to be integrated, so requiring verification in both.
Their algorithms however appear to be pretty happy in giving the green light for Coinbase, yet when one tries to verify on Coinbase Pro their algos for incomprehensible reasons might say no.
Whether that is a trick to keep users paying the stupendous fees required by the crypto-broker, in contrast to the almost insignificant fees on the exchange, we do not know, but the lack of competition, especially in UK but also in US, risks creating a crypto monopoly at such an early stage. Something which, as MT Gox showed, should be avoided at all costs.