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.

Coinbase already had a presence in the U.K. through its CB Payments Ltd. subsidiary, which has provided e-money services since 2018. The London-based unit did not offer cryptocurrency services directly, but acted as a gateway for customers to trade crypto on entities within the Coinbase group.

Cryptocurrency exchange Coinbase has received approval from the UK’s Financial Conduct Authority (FCA) to offer its services after applying to become a virtual asset service provider (VASP).

Coinbase said that this licence will now allow it to offer a ‘better' suite of crypto products and services to retail and institutional investors in the UK. The exchange says it can now include fiat-to-crypto service offerings as part of its business expansion.

The largest US-based crypto exchange just became the largest Virtual Asset Service Provider (VASP) in the UK following recent regulatory approval.

Coinbase UK approval by the FCA allows direct crypto services, strengthening Coinbase's largest international market position.

Coinbase secures VASP registration in the UK, reinforcing its position as a key player in the country’s crypto market.

Coinbase Global Inc. is urging US banking regulators to clarify or amend their positions in order to allow banks to offer custody and trading execution services for cryptocurrencies as well as clear the path for them to partner with the likes of Coinbase.