Coinbase excluded from UK Finance trade body

The door of the banking lobby closes, that of the regulator remains open. UK Finance, the leading trade body for the UK financial sector, has terminated Coinbase's membership, according to Bloomberg. This decision does not, however, call into question the platform's authorizations or the continuity of its services in the United Kingdom. It comes a few days before the opening of the approval window planned by the Financial Conduct Authority for the future British crypto regime.

The UK Finance board reportedly addressed its decision to Coinbase last week, following a review of its admission criteria. According to information collected by Bloomberg, the cryptocurrency exchange platform no longer meets the conditions provided for by the organization's current framework. Coinbase can nevertheless appeal.

UK Finance represents more than 300 companies active in banking, payments and financial markets. The organization intervenes with the government and regulators, notably during consultations devoted to stablecoins, tokenization and payment infrastructures.

The loss of this membership therefore reduces Coinbase's ability to participate directly in certain work carried out by the banking sector. However, it does not constitute either an administrative sanction or a ban on practicing. At the time of initial publication, Coinbase was still listed in UK Finance's public directory and the organization had not publicly detailed the reasons for its decision.

The context remains tense between British banks and crypto companies. A survey by the UK Cryptoasset Business Council recently stated that banking establishments blocked or delayed around 40% of payments intended for the platforms surveyed. Coinbase regularly criticizes these restrictions, which it considers too general and insufficiently linked to the regulatory status of each operator.

The permissions currently held by Coinbase in the UK do not change. UK Finance's decision remains independent of the work of the Financial Conduct Authority, which has sole jurisdiction to register and authorize the financial firms concerned.

The FCA opens an application submission period on September 30, 2026 for companies wishing to operate under the new framework applicable to cryptoassets. This window remains accessible until February 28, 2027, while the full regime must come into force on October 25, 2027.

Companies already registered under anti-money laundering rules do not benefit from any automatic conversion. They must file an application for authorization under the Financial Services and Markets Act. Companies that already have other permissions, such as Coinbase, must request their modification in order to integrate new crypto activities.