UK Finance Expels Coinbase Amid Pushback Against Crypto Influence

UK Finance has expelled US-based cryptocurrency exchange Coinbase from its membership due to the company not meeting the requirements of the organization's membership criteria.

The decision was made by UK Finance's board, which reviewed the membership criteria and concluded that cryptocurrency exchanges do not meet the requirements.

Industry participants view this move as a sign that Britain's traditional finance sector is pushing back against the growing influence of digital assets and crypto companies.

Crypto firms have long complained about restrictions imposed by some UK banks, making it difficult for customers to transfer funds to digital-asset platforms.