Coinbase Loses Membership with UK Finance

Coinbase has been stripped of its membership by UK Finance, a lobbying group for the UK financial services sector. The UK Finance board sent a letter to Coinbase last week, stating that after reviewing its membership framework, it found that the cryptocurrency exchange did not meet the membership standards, and therefore, its membership has been terminated. Coinbase can appeal this decision. UK Finance has around 300 members, including large banks and market infrastructure and payment companies. Recently, banks and cryptocurrency companies have been at odds over issues such as stablecoin yields, and UK crypto firms have long complained that restrictions set by some banks make it difficult for customers to transfer funds to crypto platforms.

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