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OANDA Launches Crypto Trading in the UK with OANDA Crypto Platform
Brokerage firm OANDA is set to launch cryptocurrency trading in the UK with its new business, OANDA Crypto, which will be based in London. The platform will support trading in over 63 cryptocurrency pairs, including popular options such as Bitcoin, Ether, and Ripple. OANDA plans to expand its offerings by adding more tokens and features throughout the year.
FCA Registration and Global Presence
OANDA has obtained registration with the UK regulator, the Financial Conduct Authority (FCA). This move comes after the firm’s acquisition of London-based crypto exchange Coinpass in 2023, which also holds FCA registration. With its global presence, OANDA already has regulated entities in various major cities, including New York, Toronto, London, Warsaw, Singapore, Tokyo, and Sydney.
UK Crypto Market and Regulatory Environment
OANDA’s head of digital assets, Lucian Lauerman, highlighted the active and well-educated nature of the UK crypto market. Lauerman also noted the alignment of the UK market with OANDA’s traditional operations and the higher regulatory standards set in the region. This move to enter the UK crypto market follows OANDA’s majority interest acquisition of Coinpass Limited in August.
FCA Oversight and Crypto Industry Reviews
The FCA recently conducted internal reviews on 44 cryptocurrency firms registered in the UK to address concerns related to money laundering. The regulator emphasized key areas within the UK markets, including digital assets regulations. Additionally, the FCA has taken robust action to ensure compliance with anti-money laundering regulations, reviewing 44 digital asset firms in the country.
Furthermore, amidst increasing limitations on banking access in the UK, crypto companies have raised concerns directly to Prime Minister Rishi Sunak’s government. Jeff Hancock, co-founder and chief executive of London-based crypto exchange Coinpass, expressed the impact of banking limitations on the UK’s potential to become a crypto hub.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
