Coinbase received an E-Money License from the United Kingdom (UK) Financial Conduct Authority (FCA) and we updated our User Agreement to reflect our new e-money services. For existing customers, the updated User Agreement is effective on March 21, 2018.
The addition of the E-money License will allow you to store e-money on our platform, which ultimately provides you with additional payment services in the UK. This license will also enable us to develop new products and services that will enhance your experience and ideally open new possibilities through additional partnerships and improvements in our platform.
The new E-Money License provides additional protection to you as a consumer and demonstrates that our compliance program meets the strict rules enforced by the FCA and the Payment Services Directive. We hope that this new license provides you greater comfort when using Coinbase’s services.
Aside from the availability of the new e-money services, this will not affect your normal use of the Coinbase platform. Please note no action is required on your part. However, if you are an existing customer, by continuing to use our services after March 21, 2018, you will be deemed to have accepted the new User Agreement.
If after reviewing the new User Agreement, you wish to close your account, you can do so from the Security Settings page. Instructions may be found here.
For additional details, please see this Knowledgebase Article: How can I close my account?
We encourage you to review the User Agreement carefully and please note that we cannot offer any legal advice.