United States-based crypto brokerage firm OANDA is extending its crypto trading services to the United Kingdom through its subsidiary, OANDA Crypto. The subsidiary, established after OANDA acquired a majority stake in FCA-registered Coinpass last year, will provide trading services for over 63 cryptocurrency pairs, including Bitcoin and Ether.
OANDA’s move into the UK market follows its successful launch of crypto trading services in the US in collaboration with Paxos. The firm’s recent expansion also includes relocating its European operations from Malta to Warsaw, Poland, through the acquisition of Polish broker Dom Maklerski TMS Brokers SA, now rebranded as OANDA TMS.
The crypto trading platform will initially offer trading for popular cryptocurrencies like Bitcoin and Ether, with plans to expand its offerings and features in the future.
OANDA’s expansion into the UK comes amid strict regulatory requirements in the region, particularly regarding crypto advertising. Since October 2023, several leading crypto companies have withdrawn their services from the UK following the Financial Conduct Authority’s (FCA) new guidelines on crypto advertising.
The FCA’s regulations restrict crypto advertising to FCA-registered virtual asset service providers and mandate significant platform changes to warn potential investors about the risks associated with crypto investments.
OANDA’s head of digital assets, Lucian Lauerman, views the UK market as well-educated and active, aligning with OANDA’s traditional markets. Lauerman emphasized the higher regulatory standards set by the UK market, indicating OANDA’s readiness to operate within this environment.
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