UK Finance removed US-based cryptocurrency exchange Coinbase. UK Finance is one of Britain's most influential financial services lobby groups. The group represents over 300 firms, including major banks. It reportedly notified Coinbase last week that its membership was terminated.
The decision followed a review of UK Finance's membership criteria. Its board concluded that crypto exchanges no longer meet the requirements.
Coinbase has the option to appeal the decision. Neither Coinbase nor UK Finance has commented publicly on the specifics. The move highlights a potential widening gap between the burgeoning crypto industry and traditional financial institutions.