British Banking Lobby Kicks Out Coinbase Amid Crypto Exclusion Concerns
Britain's banking lobby has expelled Coinbase from its membership list, sparking concerns that lenders are shutting out cryptocurrencies. The decision was made by the British Bankers' Association (BBA), which cited Coinbase's lack of a UK bank account as the reason for its exclusion.
The BBA represents over 70 banks in the country and has been instrumental in shaping banking regulations in Britain. Coinbase, one of the largest cryptocurrency exchanges globally, had been a member of the BBA since 2019 but was recently removed from the list due to its failure to meet the association's membership criteria.
The move has raised eyebrows among crypto enthusiasts, who see it as an attempt by traditional lenders to limit access to cryptocurrencies. Coinbase has maintained that it meets all the necessary requirements for membership and is exploring options to regain its spot in the BBA.