Coinbase Kicked Out of UK Finance Lobbying Group

Coinbase, a leading US digital asset exchange, has lost its membership in UK Finance, the industry body representing Britain's financial services sector. The move comes after the UK Finance board reviewed its membership criteria and determined that cryptocurrency exchanges do not meet the requirements.

The specific reasons for the expulsion were not disclosed, but industry observers interpret the decision as an effort by traditional finance to push back against growing influence from cryptocurrency firms.

Coinbase is one of the largest cryptocurrency exchanges in the US and has been expanding its operations in the UK and broader Europe. Despite being a registered virtual asset service provider with the UK's Financial Conduct Authority (FCA), the company will no longer be part of UK Finance, which has approximately 300 member institutions.

The decision may weaken the digital asset industry's voice in UK policy discussions as cryptocurrency regulations take shape. The UK has been overhauling its regulatory framework to bring the virtual asset industry into the financial system.