Coinbase UK CEO Discusses Regulation As A Main Problem For The Future Of Crypto

The CEO of Coinbase UK, Zeeshan Feroz, recently spoke to a popular crypto news site about the recent developments in the exchange industry and the entire cryptocurrency space as a whole.

Feroz, who has been with Coinbase since February last year, noted that the exchange is in the fastest growing market, especially after their expansion to London and introduction of new initiatives like an e-money license from the FCA as well as the Sterling (GBP) support for UK customers.

As he said:

“We have been working to introduce Faster Payments for as long as we’ve been operating in the UK. Customers not only benefit from increased speed, but reduced cost as well. By no longer having to convert funds from Pound Sterling to Euros and vice versa to add and remove funds, there will be no more exchange rates. This will make crypto easily accessible to most people in the UK.”

Feros also described the company mission as establishing an open financial system that will bring economic freedom, innovation, efficiency and equality of opportunity. According to his statement:

“We believe cryptocurrency will help achieve this. As a business, our priorities are to be the most trusted and easiest to use crypto exchange in the world – and our recent initiatives, especially in Europe, have demonstrated that. Over the coming years, we’ll continue to evangelise about the benefits of crypto and drive greater uptake in the use of crypto among both individuals and institutional investors.”

The Coinbase CEO for UK also touched the point regarding the competition from emerging exchanges such as Robinhood, and said what Coinbase has to offer as its competitive advantage, adding:

“In terms of our UK customers, Coinbase is the first crypto exchange to have a UK bank account. This, coupled with faster payments, has allowed us to become the only exchange currently supporting GBP making payments faster on Coinbase than any other platform. Making crypto easier to use, trade and spend is key for us when it comes to improving the user experience. For instance, the launch of e-gift cards has allowed customers to spend their crypto balances more easily, realising its value to buy tangible things or experiences.

“We are a crypto first business and what sets us apart is our focus on trust and security. The FCA e-money license for our fiat operations demonstrates our commitment to ensuring that customer funds are always secure, and we now have safeguards and operational standards that are on par with those of other regulated financial institutions. This means Coinbase is not only the easiest crypto exchange to use – but the safest too.”

Feroz concluded with a word on regulation and the effort by Coinbase to list the tokens that are classed as securities, adding:

“Some tokens maybe considered securities and classifying them as such brings them within scope of regulation. This is the best way to provide individuals and institutions a safe environment to invest in them. The main challenge facing the crypto space at the moment in the lack of regulation, which leads to risk. We see the value in having some form of regulation for crypto exchanges as a means of ensuring due diligence and transparency in the crypto space.”