Coinbase Says It's Become UK's Largest Crypto Exchange After Securing Regulatory Approval

Cryptocurrency trading behemoth Coinbase Global Inc. (NASDAQ:COIN) announced its registration as the UK’s largest cryptocurrency exchange on Monday, signifying a key step in its global growth strategy.

What Happened: Coinbase won a Virtual Asset Service Provider registration from the Financial Conduct Authority, the UK’s financial regulator, the company said in an X post. Coinbase said the registration makes it the biggest registered digital assets player in the country.

“The United Kingdom is our biggest international market, and this registration represents an important chapter in our international expansion strategy,” the firm added.

See Also: Elon Musk Says Treasury Officials ‘Breaking The Law Every Hour’ By Approving Fraudulent Payments — DOGE Lead Wants A Blockchain Fix

Coinbase is the largest cryptocurrency exchange in the U.S. and one of the largest in the world, facilitating trades worth nearly $12 billion in the last 24 hours, according to CoinGecko.

This announcement comes on the heels of Coinbase’s acquisition of Spindl, an on-chain advertising and infrastructure platform, aimed at enhancing the visibility of projects built on its Ethereum (CRYPTO: ETH) layer-2 network, Base.

The company is expected to report its fourth quarter and full-year results on Feb. 13 after market close.

Price Action: Shares of Coinbase popped 1.13% in after-hours trading, after closing down 2.38% at $284.41, according to data from Benzinga Pro. Year-to-date, the stock has gained 14.54%.

Image via Shutterstock

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.