The decision comes as the relationship between crypto companies and traditional financial institutions becomes more contentious over regulation, banking access and competition for customers.
UK Finance has terminated Coinbase’s membership after its board reviewed the group’s membership framework and concluded that crypto exchanges did not meet its criteria, Bloomberg reported Wednesday, citing people familiar with the decision.
Coinbase was informed through a letter sent last week and has the option to appeal.
UK Finance is the main trade association and policy-advocacy group for the UK banking and financial-services industry. It represents nearly 300 firms across banks, building societies, international wholesale banks, payments companies and other financial-services businesses.
Coinbase’s membership brought the exchange into the same trade association as major traditional financial firms and gave it access to policy discussions and collective advocacy on digital assets and financial-services issues.
At the time of publication, Coinbase was still shown as a member in UK Finance’s current directory.
