[Exchanges](https://revain.org/exchanges/) › Coinbase Exchange

# Coinbase Exchange: licences, security, fees and reviews

Centralized exchange

## In short

- **Legal entity**: Coinbase, Inc. (NMLS ID 1163082)
- **Fees**: Spot maker: 0.40% (40 bps) at the base tier, under $10K 30-day volume
- **Risks and caveats**: Account balances are not protected by FDIC or SIPC insurance, according to Coinbase's state disclosures.
- **Checked**: 28 October 2026

## Key facts

- **Type**: Centralized exchange
- **Exchange launched**: 2015
- **Country of registration**: United States
- **Operator**: Coinbase, Inc.
- **Formerly**: GDAX
- **Official site**: [coinbase.com](https://www.coinbase.com/)

Key facts checked on 28 October 2026 against official sources and regulator registers.

## What is Coinbase Exchange

Coinbase Exchange is the spot exchange of Coinbase, aimed mainly at institutional and business clients (individuals may also qualify), reached through FIX and REST APIs and WebSocket feeds. It launched in 2015, was renamed GDAX in May 2016, and in 2018 its individual-trader product became Coinbase Pro. It is operated by Coinbase, Inc., a US company; Coinbase itself started in 2012.

## Good to know

- Coinbase Exchange accounts are opened by application and reviewed by an onboarding team; Coinbase recommends that most individuals use a personal Coinbase.com account instead. [↗](https://web.archive.org/web/20251001015525/https://help.coinbase.com/en/exchange/getting-started/can-i-create-an-exchange-account-in-the-name-of-a-trust-)
- Coinbase Exchange is a spot market. Futures trade on a separate group venue, Coinbase Derivatives, LLC, a CFTC-registered designated contract market that came from the acquisition of LMX Labs. [↗](https://web.archive.org/web/20260911152254/https://www.coinbase.com/legal/licenses)
- In Louisiana, Coinbase, Inc.'s money transmission licence does not cover virtual currency, which is covered by a separate Louisiana Virtual Currency Business Activity License (1163082); Coinbase, Inc. states that its Virginia money transmitter licence does not cover the transmission of virtual currency. [↗](https://web.archive.org/web/20260911152254/https://www.coinbase.com/legal/licenses)
- The Coinbase group's EU licence under MiCA is held by Coinbase Luxembourg S.A., authorised by Luxembourg's CSSF on 20 June 2025 (ESMA interim MiCA register), not by Coinbase, Inc., the US operator of Coinbase Exchange. [↗](https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv)
- In its Final Notice of 23 July 2024 the FCA described CB Payments Ltd as an e-money institution that did not undertake cryptoasset transactions for customers (crypto was bought via other Coinbase group entities); since 3 February 2025 it has been on the FCA register as an MLR cryptoasset firm. [↗](https://www.fca.org.uk/publication/final-notices/cb-payments-limited-2024.pdf)
- Coinbase halted operations in Japan in January 2023, citing market conditions; customers had until 16 February 2023 to withdraw. The FSA register of 30 September 2026 still lists Coinbase KK, with no crypto assets handled. [↗](https://web.archive.org/web/20250709092535/https://www.coinbase.com/blog/halting-operations-in-japan)
- New York DFS found that by late 2021 Coinbase, Inc. had a backlog of over 100,000 unreviewed transaction-monitoring alerts, and installed an independent monitor in early 2022. [↗](https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202301041)
- The SEC said its February 2025 dismissal of the case against Coinbase was not based on any assessment of the merits of the claims. [↗](https://web.archive.org/web/20261003215703/https://www.sec.gov/newsroom/press-releases/2025-47)
- After the May 2025 data theft, Coinbase said reimbursement was voluntary and covered retail customers who sent funds to the scammer as a direct result of the incident before its post, after a review. [↗](https://web.archive.org/web/20260922204653/https://www.coinbase.com/blog/protecting-our-customers-standing-up-to-extortionists)
- Every additional user added to a Coinbase Exchange account can move funds, trade and change the account's email address and password. [↗](https://web.archive.org/web/20251117195817/https://help.coinbase.com/en/exchange/getting-started/getting-started-with-your-exchange-account)

## Services

| Parameter | Details |
|---|---|
| Spot trading | Spot crypto markets for institutions via FIX/REST APIs and WebSocket feeds. |
| Fiat deposits | USD, EUR and GBP funding via Fedwire, SWIFT, SEPA and Faster Payments; the fee table also lists ACH and has no separate Faster Payments line. |
| Loans | Exchange Loans programme (loan opening and repayment). |

## Licences and registrations

| Jurisdiction | Entity | Licence / registration | Regulator |
|---|---|---|---|
| United States (New York) | Coinbase, Inc. | Virtual currency (BitLicense) and money transmitter licences, granted January 2017 | [New York State Department of Financial Services](https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses) |
| United States | Coinbase, Inc. | Money transmitter and related licences in US states, listed state by state (NMLS ID 1163082) | [US state financial regulators](https://web.archive.org/web/20260911152254/https://www.coinbase.com/legal/licenses) |
| United States (New York) | Coinbase Custody Trust Company, LLC | Limited purpose trust charter for virtual currency business, granted October 2018 (Coinbase group company) | [New York State Department of Financial Services](https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses) |
| United States | Coinbase, Inc. | Money services business registration (FinCEN MSB Registrant Search, 28 October 2026; form received 1 November 2024) | [Financial Crimes Enforcement Network (FinCEN)](https://msb.fincen.gov/) |
| United States | Coinbase Derivatives, LLC | Designated contract market (futures exchange; Coinbase group company) | [U.S. Commodity Futures Trading Commission](https://web.archive.org/web/20260911152254/https://www.coinbase.com/legal/licenses) |
| United Kingdom | CB Payments Ltd | Authorised electronic money institution since 12 July 2018; cryptoasset registration under the MLRs since 3 February 2025 (FRN 900635) | [Financial Conduct Authority](https://register.fca.org.uk/s/firm?id=001b000003O1uMmAAJ) |
| United Kingdom | CB Payments, Ltd | FCA-authorised firm since 6 July 2026 (FRN 1045733; same Companies House number 09708629 as FRN 900635) for arranging deals in investments, arranging safeguarding and administration of assets, and making arrangements with a view to transactions in investments; requirement: no contractually based investments for retail clients | [Financial Conduct Authority](https://register.fca.org.uk/s/firm?id=001Sk00000sPbbbIAC) |
| European Union | Coinbase Luxembourg S.A. | MiCA crypto-asset service provider, authorised 20 June 2025, passported across the EEA (Coinbase group company) | [Commission de Surveillance du Secteur Financier (CSSF), Luxembourg](https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv) |
| Japan | Coinbase KK (Coinbase株式会社) | Crypto-asset exchange service provider No. 00028 (Kanto Local Finance Bureau), registered 18 June 2021; no crypto assets handled | [Financial Services Agency (FSA), Japan](https://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.pdf) |

## Status in the United States and the United Kingdom

- Coinbase, Inc., the US company that operates Coinbase Exchange, appears in FinCEN’s Money Services Business Registrant Search (searched 28 October 2026), with a New York address and a registration form received on 1 November 2024. [FinCEN MSB Registrant Search](https://msb.fincen.gov/)
- On 4 January 2023 the New York State Department of Financial Services announced a settlement under which Coinbase, Inc. agreed to pay a $50 million penalty for compliance failures and to invest a further $50 million in its compliance function. [NYDFS press release, 4 January 2023](https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202301041)
- On 27 February 2025 the SEC said it had filed a joint stipulation with Coinbase Inc. and Coinbase Global Inc. to dismiss its civil enforcement action against them, adding that the decision did not rest on an assessment of the merits. [SEC, press release 2025-47](https://www.sec.gov/newsroom/press-releases/2025-47)
- In the UK, the group’s CB Payments Ltd (FCA reference 900635) has been an authorised electronic money institution since 12 July 2018 and has held a cryptoasset registration under the Money Laundering Regulations since 3 February 2025, according to the FCA Register on 28 October 2026. [FCA Financial Services Register](https://register.fca.org.uk/s/firm?id=001b000003O1uMmAAJ)
- In a Final Notice dated 23 July 2024, the FCA fined CB Payments Ltd £3,503,546 under the Electronic Money Regulations 2011 for onboarding or providing payment/e-money services to high-risk customers in breach of requirements imposed, at its own request, in October 2020. [FCA Final Notice, 23 July 2024](https://www.fca.org.uk/publication/final-notices/cb-payments-limited-2024.pdf)

Checked on 28 October 2026 against regulator registers and the text of the law.

## Security and audits

- Withdrawal addresses can be restricted to an address-book whitelist, and 2-step verification is required at first sign-in.
- On 15 May 2025 Coinbase disclosed that bribed support agents copied data of under 1% of Coinbase monthly transacting users; it said no passwords, keys or funds were exposed and it would reimburse customers who were tricked into sending funds to the attacker.
- Coinbase runs a bug bounty programme for responsible disclosure of vulnerabilities.
- In the May 2025 incident the stolen data included names, addresses, masked Social Security numbers, government ID images and balance snapshots; afterwards flagged accounts face extra ID checks on large withdrawals.
- Coinbase says it does not lend or act with customers' assets without their permission, and as a listed company publishes quarterly financial statements and is audited annually.

## Fees

| Parameter | Details |
|---|---|
| Spot maker | 0.40% (40 bps) at the base tier, under $10K 30-day volume |
| Spot taker | 0.60% (60 bps) at the base tier, under $10K 30-day volume |
| Stablecoin pairs | Maker 0%; taker 0.45 bps outside the Liquidity Program (USDT-USDC and USDT-USD pay standard fees since 1 May 2025) |
| Deposits | ACH free; USD wire $10; SWIFT USD $25; SEPA €0.15; SWIFT GBP free |
| Withdrawals | ACH free; USD wire $25; SWIFT USD $25; SEPA free; SWIFT GBP £1 |
| Crypto withdrawals | A network fee based on Coinbase Exchange’s estimate, shown at the time of the transaction |
| USDC to USD conversion | Free up to $2 million net per 30 days; 0.03% up to $30 million; 0.05% above (from 1 June 2026) |
| Top volume tier | Maker 0.00%, taker 0.04% (4 bps) above $400M 30-day volume |
| Fee tier basis | Trailing 30-day USD volume, excluding stable pairs; the tier at order placement applies. Liquidity Program clients pay separate fees |

## History

| Date | Event |
|---|---|
| 2012 | Coinbase, the company behind the exchange, started. |
| 2015 | The exchange launched as Coinbase Exchange. |
| 24 May 2016 | Coinbase Exchange was renamed GDAX (Global Digital Asset Exchange) and added ether trading. |
| January 2017 | New York DFS licensed Coinbase, Inc. for virtual currency and money transmission business. |
| 23 May 2018 | GDAX for individual traders became Coinbase Pro; existing GDAX individual accounts moved over automatically. |
| April 2021 | Coinbase became a public company. |
| 4 January 2023 | New York DFS announced a settlement: Coinbase, Inc. to pay a $50 million penalty and invest $50 million in compliance over compliance-programme failures. |
| 6 June 2023 | The US SEC sued Coinbase, Inc., alleging it operated its trading platform as an unregistered exchange, broker and clearing agency. |
| 23 July 2024 | The UK FCA fined the group's CB Payments Ltd £3,503,546 for onboarding or providing payment/e-money services to 13,416 high-risk customers in breach of requirements imposed in October 2020. |
| 27 February 2025 | The US SEC filed a joint stipulation with Coinbase Inc. and Coinbase Global Inc. to dismiss its civil enforcement action. |
| 15 May 2025 | Coinbase disclosed a customer-data theft by bribed overseas support agents and refused a $20 million ransom demand. |
| 20 June 2025 | Coinbase Luxembourg S.A. was authorised under the EU MiCA regulation by Luxembourg's CSSF. |

## Risks and caveats

- Account balances are not protected by FDIC or SIPC insurance, according to Coinbase's state disclosures.
- Coinbase, Inc. states it is not registered or licensed with the US SEC or CFTC; the SEC moved to dismiss its 2023 lawsuit on 27 February 2025 (joint stipulation).
- In January 2023 New York DFS found Coinbase's anti-money-laundering and KYC programme inadequate; Coinbase agreed to a $50 million penalty.
- In May 2025 customer data was stolen through bribed support agents to facilitate social-engineering attacks on customers.
- In July 2024 the UK FCA fined CB Payments Ltd £3.5 million for onboarding or providing payment/e-money services to 13,416 high-risk customers in breach of requirements it had asked the FCA to impose.
- Coinbase's state disclosures warn that crypto transactions may be irreversible, losses from fraud or accidents may not be recoverable, and any bond or trust account may not cover all customer losses.

## About the company

- **Legal entity**: Coinbase, Inc. (NMLS ID 1163082)
- **Parent company**: Coinbase Global, Inc. (Nasdaq: COIN)
- **Founded**: Company started in 2012; the exchange launched in 2015
- **CEO**: Brian Armstrong, co-founder
- **Founders**: Brian Armstrong and Fred Ehrsam
- **Formerly**: GDAX (2016–2018); the individual-trader product then became Coinbase Pro
- **President & COO**: Emilie Choi
- **CFO**: Alesia Haas

## Official links

- Website: [www.coinbase.com/exchange](https://www.coinbase.com/exchange)
- Fees: [help.coinbase.com/en/exchange/trading-and-funding/exchange-fees](https://help.coinbase.com/en/exchange/trading-and-funding/exchange-fees)
- Licences: [www.coinbase.com/legal/licenses](https://www.coinbase.com/legal/licenses)
- Security: [www.coinbase.com/security](https://www.coinbase.com/security)

## Questions and answers

**Is Coinbase Exchange regulated?**

It is operated by Coinbase, Inc., which holds New York DFS virtual currency and money transmitter licences (since January 2017) and state money transmitter licences. It is not registered with the SEC or CFTC.

**Does Coinbase Exchange publish proof of reserves?**

No proof-of-reserves report for Coinbase Exchange is published on its exchange, help or security pages.

**What are Coinbase Exchange's fees?**

At the base tier (under $10K 30-day volume) the maker fee is 0.40% and the taker fee 0.60%; fees fall as volume rises. Stablecoin pairs have a 0% maker fee.

**Who owns Coinbase Exchange?**

It is operated by Coinbase, Inc., a subsidiary of Nasdaq-listed Coinbase Global, Inc.; the CEO is co-founder Brian Armstrong.

**What happened to GDAX?**

Coinbase Exchange was renamed GDAX in May 2016; in 2018 GDAX for individual traders became Coinbase Pro, and Coinbase Exchange is aimed mainly at institutional and business clients.

**Is Coinbase Exchange licensed in the EU or the UK?**

Coinbase Exchange is operated by the US company Coinbase, Inc. The group's EU MiCA licence is held by Coinbase Luxembourg S.A. (CSSF, 20 June 2025). In the UK, CB Payments Ltd is an FCA-authorised e-money institution and registered cryptoasset firm (FRN 900635); since 6 July 2026 the same company also has a second FCA entry (FRN 1045733) authorised for investment arranging activities.

**Is Coinbase available in Japan?**

Coinbase halted operations in Japan in January 2023 and customers had until 16 February 2023 to withdraw. The FSA register still lists Coinbase KK, with no crypto assets handled.

**Are balances on Coinbase Exchange insured?**

Coinbase's disclosures state that account balances are not protected by FDIC or SIPC, and that any bond or trust account may not cover all customer losses.

**Is the Coinbase Card a credit card?**

No. The Coinbase Card (debit) is a Visa prepaid debit card issued by Pathward, N.A., available in the US. Coinbase also has a separate credit card, which is not covered here.

## Coinbase Card

| Parameter | Details |
|---|---|
| Type | Visa prepaid debit card that automatically converts crypto to US dollars when you spend. |
| Conversion | Spent crypto is converted to US dollars automatically. |
| Issuer | Issued by Pathward, N.A. (member FDIC) under a Visa U.S.A. licence; card processing by Marqeta. |
| Availability | United States, all states except Hawaii (as of April 2026). |
| Fees | No Coinbase transaction fees on card spending, but a spread applies when crypto is sold; full fees are in the Cardholder Agreement. |

Checked: 31 October 2026 · [coinbase.com/card](https://web.archive.org/web/20260428192918/https://www.coinbase.com/card) (archived 28 April 2026)

## Sources

- [Coinbase — Exchange (archived)](https://web.archive.org/web/20260723233456/https://www.coinbase.com/exchange)
- [Coinbase — Licenses & Disclosures (archived)](https://web.archive.org/web/20260911152254/https://www.coinbase.com/legal/licenses)
- [Coinbase Help — Exchange fees (archived)](https://web.archive.org/web/20261020073535/https://help.coinbase.com/en/exchange/trading-and-funding/exchange-fees)
- [Coinbase Help — Exchange (archived)](https://web.archive.org/web/20260709092728/https://help.coinbase.com/en/exchange)
- [Coinbase Help — Getting started with your Exchange account (archived)](https://web.archive.org/web/20251117195817/https://help.coinbase.com/en/exchange/getting-started/getting-started-with-your-exchange-account)
- [Coinbase — Security (archived)](https://web.archive.org/web/20260922194656/https://www.coinbase.com/security)
- [Coinbase — About (archived)](https://web.archive.org/web/20260922204422/https://www.coinbase.com/about)
- [Coinbase Blog — Protecting Our Customers, 15 May 2025 (archived)](https://web.archive.org/web/20260922204653/https://www.coinbase.com/blog/protecting-our-customers-standing-up-to-extortionists)
- [Coinbase Blog — Coinbase Exchange is now GDAX, 24 May 2016 (archived)](https://web.archive.org/web/20161207133841/https://blog.coinbase.com/2016/05/24/coinbase-exchange-is-now-gdax-adds-ether-trading/)
- [Coinbase Blog — GDAX is now Coinbase Pro, 2018 (archived)](https://web.archive.org/web/20180812104219/https://blog.coinbase.com/gdax-is-now-coinbase-pro-b062a12758a0?gi=273194757a28)
- [US SEC — Press release 2025-47 (archived)](https://web.archive.org/web/20261003215703/https://www.sec.gov/newsroom/press-releases/2025-47)
- [New York DFS — Virtual Currency Businesses, regulated entities](https://www.dfs.ny.gov/apps_and_licensing/virtual_currency_businesses)
- [New York DFS — Coinbase settlement press release, 4 January 2023](https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202301041)
- [US SEC — Press release 2023-102 (archived)](https://web.archive.org/web/20261008225314/https://www.sec.gov/newsroom/press-releases/2023-102)
- [Coinbase Help — Onboarding to Coinbase Exchange (archived)](https://web.archive.org/web/20251001015525/https://help.coinbase.com/en/exchange/getting-started/can-i-create-an-exchange-account-in-the-name-of-a-trust-)
- [FCA Financial Services Register — CB Payments Ltd (900635)](https://register.fca.org.uk/s/firm?id=001b000003O1uMmAAJ)
- [FCA Financial Services Register — CB Payments, Ltd (1045733)](https://register.fca.org.uk/s/firm?id=001Sk00000sPbbbIAC)
- [FCA — Final Notice to CB Payments Ltd, 23 July 2024](https://www.fca.org.uk/publication/final-notices/cb-payments-limited-2024.pdf)
- [ESMA — Interim MiCA register of crypto-asset service providers (CASPS.csv)](https://www.esma.europa.eu/sites/default/files/2024-12/CASPS.csv)
- [FSA Japan — Register of crypto-asset exchange service providers (30 September 2026)](https://www.fsa.go.jp/menkyo/menkyoj/kasoutuka.pdf)
- [Coinbase Blog — Halting Operations in Japan, 18 January 2023 (archived)](https://web.archive.org/web/20250709092535/https://www.coinbase.com/blog/halting-operations-in-japan)
- [FinCEN — MSB Registrant Search](https://msb.fincen.gov/)
- [SEC, press release 2025-47](https://www.sec.gov/newsroom/press-releases/2025-47)

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Page updated: 2026-10-31

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Source: https://revain.org/exchanges/gdax/