Coinbase UK License Lets Traders Access Stocks, Crypto Perpetuals

Coinbase (COIN) secured U.K. regulatory approval to offer equities and derivatives alongside crypto, expanding its product suite in one of its largest international markets.

The new license lets institutional and advanced traders access crypto, equity and commodity perpetual futures, Coinbase said in a blog post. Retail customers in the U.K. will also be able to trade equities on Coinbase for the first time.

The authorization sits alongside Coinbase’s U.K. e-money license and crypto registration. The company received FCA cryptoasset registration in February last year, allowing it to provide crypto and fiat services in the country.

U.K. users are getting access to products Coinbase has started rolling out overseas. U.S. users already have stock and exchange-traded fund trading. Eligible non-U.S. customers can trade USDC-settled stock perpetual futures on large-cap names including Apple, Microsoft and Tesla.

Coinbase has also said it plans to offer tokenized stocks backed one-for-one by U.S. equities to eligible non-U.S. users. Those products give investors ownership of the underlying shares, including dividends.

The U.K. approval advances Coinbase’s push to become an “Everything Exchange.” The company has described that strategy as spanning stocks, crypto derivatives, and tokenized products. Prediction markets and consumer finance products are also on the roadmap.

The U.K.’s full crypto framework is expected to take effect in October 2027. Coinbase’s new license gives it a regulated route to expand beyond crypto before then.

AlphaScala’s proprietary Alpha Score rates COIN at 30 out of 100, a Weak label. The score reflects concerns about valuation and competitive positioning. The license is a positive step. Execution risk remains. Coinbase must attract traditional investors and manage the complexity of offering multiple asset classes under one roof. Competitors like eToro and Revolut already offer multi-asset platforms. The risk is that Coinbase’s crypto-native user base may not shift to equities, and traditional investors may prefer established brokers.

The next concrete catalyst is the U.K.’s full crypto framework in 2027. Before then, Coinbase needs to show uptake of its new products. The company’s next earnings report will provide early signals on whether the U.K. license is driving new revenue.

For more on Coinbase’s strategy and the U.K. regulatory timeline, see Coinbase UK License Opens Stocks, Derivatives to Crypto Traders.