UK Finance Expels Coinbase From Membership

UK Finance, a British financial lobby group, has expelled U.S. cryptocurrency exchange Coinbase from its membership.

Bloomberg reported on September 23 that UK Finance’s board sent Coinbase a letter last week notifying the company that its membership had been terminated. The letter said the board had reviewed its membership criteria and concluded that cryptocurrency exchanges do not meet the requirements.

Industry participants see the move as a sign that Britain’s traditional finance, or TradFi, sector is pushing back as crypto firms gain influence. Bloomberg said the decision comes as the digital-asset industry plays an increasingly prominent role in policy debates. Crypto companies have long complained that restrictions imposed by some U.K. banks have made it difficult for customers to transfer funds to digital-asset platforms.

UK Finance is a lobbying group with 300 member companies, including major banks in Britain and abroad.