One of the largest cryptocurrency exchanges, Coinbase, may have to transfer all European accounts to another licensed EU organization, especially if it is not possible to make a deal with Brexit.
Coinbase currently operates in the United Kingdom an electronic payment system called CB Payments, which was authorized by the UK Financial Conduct Authority (“FCA”).
In an email sent to European customers, Coinbase warned that if there is no Brexit deal, CB Exchange Ltd. may have to close.
However, the company assured that the Coinbase service that these accounts use will not be affected in the case of a transfer. It was also said that the timing of the transfer of accounts has not yet been determined, but one way or another, users will be notified in advance.
Despite the fact that the company did not make any official ones, the event was highlighted by one of Twitter users who posted a screenshot of the email.
As part of the European Union, any company established in the UK had equal rights throughout the EU. On October 31, if Britain leaves the EU without a deal, these companies will need a separate license to operate in the EU.
Since Coinbase, as an American trading platform, also operates in the UK, its activities in the EU can be suspended for a short time.