Coinbase Loses Membership in UK Finance, a British Financial Industry Lobbying Group

BlockBeats news, September 24 - People familiar with the matter revealed that the UK Finance board recently sent a letter to Coinbase, stating that after reviewing its membership framework, it concluded that the cryptocurrency exchange does not meet its membership criteria and therefore decided to terminate Coinbase's membership. Coinbase can still appeal this decision.

UK Finance represents approximately 300 financial institutions, including major UK and international banks, market infrastructure, and payment companies. Both Coinbase and UK Finance declined to comment.

In recent years, the crypto industry's influence in policy discussions has continued to rise, but it also has disagreements with traditional financial institutions on issues such as stablecoin yields and banking services. This termination of Coinbase's membership comes at a time when discussions between the UK crypto industry and traditional financial institutions over issues such as access to banking services are heating up.