Coinbase Eyes European Growth After Winning Irish E-Money License

Cryptocurrency exchange Coinbase has been granted an Irish e-money license that will bring it greater access to EU and EEA markets.

Oct 14, 2019 at 9:00 a.m. UTC
Updated Sep 13, 2021 at 11:34 a.m. UTC

Cryptocurrency exchange Coinbase has been granted an e-money license by the Central Bank of Ireland.

Writing in a company blog Saturday, Coinbase UK CEO Zeeshan Feroz said the exchange is one of the very first firms to receive the license from the central bank, following a Dublin office opening a year ago.

The license will also help open up EU and European Economic Area (EEA) markets for Coinbase customers, Feroz said.

Speaking on the announcement, state-sponsored business development agency IDA Ireland – which was set up to attract foreign investment to Ireland – called the move a net positive for the local financial industry

As CEO Mike Shanahan put it:

"Coinbase’s choice of Dublin for this operation reinforces the strength of Ireland as a destination for financial services companies, providing a consistent, certain, pro-enterprise policy environment for businesses to grow and thrive."

Coinbase was granted a U.K. e-money license by the Financial Conduct Authority in March 2018, allowing the exchange to operate as a money service in the country.

While the U.K. is currently an EU member state, its government is currently attempting to leave the economic bloc via the so-called Brexit in coming weeks or months. If it goes ahead, the separation would render Coinbase's local license of limited benefit.

Earlier this month, Coinbase gained access to the UK’s Faster Payment Scheme through ClearBank following a split with banking partner Barclays that temporarily caused deposit and withdrawal issues for users.

Coinbase CEO Brian Armstrong image via Coindesk archives

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Despite Recent Bumps in the Road, Stablecoins Will Stick Around

Why institutional investors will again move past digital assets’ volatility and bad headlines.

Why institutional investors will again move past digital assets’ volatility and bad headlines.

2
Ethereum on Track for Testnet Merge in June

The testnet merge would allow developers to work on any potential risks or bugs ahead of Ethereum's move to a proof of stake network.

The testnet merge would allow developers to work on any potential risks or bugs ahead of Ethereum's move to a proof of stake network.

3
New York Bitcoin Miners Start to Give Up on State Amid Regulatory Uncertainty

The state was once a draw for miners, but environmental concerns are weighing on the bitcoin mining industry.

The state was once a draw for miners, but environmental concerns are weighing on the bitcoin mining industry.

4
Mining-Rig Maker Canaan Q1 Revenue More Than Triples

Canaan shares rose in premarket trading after first-quarter earnings beat one analyst's estimates.

Canaan shares rose in premarket trading after first-quarter earnings beat one analyst's estimates.