Brokerage Firm OANDA Launches Crypto Trading in the UK
Brokerage firm OANDA is entering the cryptocurrency trading market in the UK, with its new business called “OANDA Crypto.” The company has registered with the Financial Conduct Authority (FCA), the UK regulator. OANDA’s move into crypto trading follows its acquisition of London-based crypto exchange Coinpass in 2023, which gave the firm FCA registration. OANDA is a global brokerage with regulated entities in various cities around the world.
UK Crypto Market: Active and ‘Well Educated’
OANDA’s head of digital assets, Lucian Lauerman, stated that the UK has a highly active and well-educated crypto market. He believes that the market is becoming more aligned with traditional markets where OANDA operates. Lauerman also noted that the regulatory standards for crypto in the UK are higher than in other jurisdictions.
FCA Conducts Reviews of UK Crypto Firms
The Financial Conduct Authority recently conducted internal reviews on 44 cryptocurrency firms registered in the UK as part of its efforts to combat money laundering. In a release, the regulator highlighted key areas related to digital asset regulations in the country. The FCA has been actively overseeing the crypto industry, focusing on compliance with advertising rules and consumer protection measures. It has also taken steps to ensure user asset security through robust regulations.
Challenges for Crypto Companies in the UK
Last year, crypto companies in the UK faced challenges due to limitations on banking access. Some companies expressed their concerns to Prime Minister Rishi Sunak’s government, stating that the lack of access to banking services hindered efforts to establish the UK as a crypto hub.
Hot Take: OANDA Expands Crypto Offerings in the UK
OANDA’s entry into the cryptocurrency trading market in the UK demonstrates the growing interest and potential of the crypto industry. By registering with the FCA and acquiring a London-based crypto exchange, OANDA is positioning itself to tap into the active and well-educated UK crypto market. The move also reflects the increasing regulatory standards for crypto in the country. As more established financial institutions like OANDA enter the crypto space, it further legitimizes and strengthens the industry.
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