How will my relationship with Coinbase change after Brexit?
There will be no immediate change to your relationship with Coinbase following Brexit on 31 January 2020. However at some point later in 2020 we will transfer your relationship for the provision of E-Money Services from our UK E-Money firm to our Irish E-Money firm, Coinbase Ireland Limited. This will allow us to continue to provide you with E-Money Services following the end of the transitional period agreed between the UK and EU on 31 January 2021. We will be in touch in due course to confirm the exact timing and further details of this transfer.
Brexit will not affect your relationship for the provision of Digital Currency Services and Additional Services (e.g. Digital Currency Wallet and exchange services) and these services will continue to be provided to you by Coinbase UK Limited.
What is Coinbase Ireland Limited?
Coinbase Ireland Limited is an Irish private limited company within the Coinbase group (company number 630350) with a registered office at 70 Sir John Rogerson’s Quay, Dublin D02 R296. Coinbase Ireland Limited is authorised and regulated by the Central Bank of Ireland as an electronic money institution (register number C188493).
What will change once my relationship is transferred?
There will be no changes to the Coinbase Services you receive as a result of the transfer. You will, however, need to make a note of Coinbase Ireland Limited’s bank details to ensure that your bank transfers into and out of Coinbase are correctly processed once your relationship has been transferred. We will email you prior to this with further information and instructions .
Will my User Agreement be changing?
Your User Agreement for the provision of E-Money Services will transfer to Coinbase Ireland Limited. As a result of this transfer we will need to make some minor changes to your User Agreement to reflect the fact that the E-Money Services are being provided by an Irish electronic money institution including:
- Changing the details of the e-money institution to Coinbase Ireland Limited
- Changing the governing law and jurisdiction to Ireland
- Changes to reflect the legal and regulatory framework applicable to Irish e-money firms
The new User Agreement will be made available to you prior to migration.
What do I need to do now?
For now, you do not need to do anything.
Later in 2020, we will contact you with more information on the timing of the transfer and instructions on updating your bank details in order to make successful transfers in and out of your Coinbase account. All other changes will automatically apply to the Coinbase Services we provide to you from the date of the transfer. Any existing balance on your E-Money Wallet will transfer automatically to Coinbase Ireland Limited and will remain available to you as normal.
If you do not agree to these changes you are free to close your Coinbase Account prior to the transfer. Further information on closing your Coinbase Account is available here.