CoinCorner has launched a new Bitcoin custody service called Vault for its UK customers. The product charges an annual fee of 1.5% and uses a two-key mechanism, with CoinCorner and AnchorWatch each holding one key—neither party can transfer customers' Bitcoin alone.
Custody and Insurance Arrangements
Vault uses multi-signature technology to distribute control between two companies. CoinCorner states that the associated bitcoins are insured by Lloyd's of London, covering scenarios such as lost keys and unauthorized access. Customers can also set their own identity verification steps, requiring completion of corresponding checks before transactions.
Fees and Fund Deposits and Withdrawals
Vault is billed monthly. CoinCorner charges fees on the first day of each month based on the Bitcoin balance recorded in the Vault at that time. Users are not required to lock funds long-term and can deposit or withdraw Bitcoin at any time. After withdrawal, funds return to the user’s standard CoinCorner Bitcoin balance, a process the platform states is completed instantly.
Regulatory status still varies.
CoinCorner states that its cryptocurrency services are still not regulated by the UK Financial Conduct Authority (FCA) and are not protected by the Financial Services Compensation Scheme (FSCS). The company notes that Vault’s private insurance only covers specified events and does not include losses due to a decline in Bitcoin prices, platform insolvency, or all operational losses.
New regulations in the UK are on the way
This service is being launched as the UK prepares to bring crypto custody under its full authorization regime. As previously disclosed, the FCA’s new regulations are expected to take effect on October 25, 2027, with the application window running from September 30, 2026, to February 28, 2027. The new framework will cover custody, trading platforms, stablecoin issuance, and staking services.