US-based cryptocurrency brokerage firm OANDA is poised to commence cryptocurrency trading services in the United Kingdom through its registered subsidiary, OANDA Crypto.
The crypto subsidiary was established last year following the firm’s acquisition of a majority stake in Financial Conduct Authority (FCA)-registered Coinpass.
The new crypto trading platform will provide trading services for over 63 cryptocurrency pairs, including Bitcoin and Ether, with intentions to incorporate additional tokens and features in the forthcoming years.
OANDA’s recent expansion in the UK follows more than a year after the company initiated crypto trading services in the US in collaboration with Paxos, a renowned crypto trading platform.
The company recently relocated its European operations from Malta to Warsaw in Poland, acquiring the Polish broker Dom Maklerski TMS Brokers SA, subsequently rebranding it to OANDA TMS.
The crypto brokerage firm has consistently targeted regions with stringent regulatory frameworks, initially focusing on the US and now extending to the United Kingdom.
Several prominent crypto companies withdrew their services from the UK since October 2023 due to the FCA’s new regulatory guidelines concerning crypto advertising.
Crypto firms like Bybit and Revolut temporarily suspended their UK operations last year, citing the new FCA promotion regulations.
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The new advertising regulations permit only FCA-registered virtual asset service providers to promote their activities in the country.
Additionally, these regulations mandate crypto firms to significantly modify their online platforms to better caution potential customers about investment risks.
The FCA identified “significant levels of non-compliance” among crypto firms breaching the crypto promotion rules that came into effect on October 8, 2023.
The regulator noted that between October 8 and December 31, 2023, it issued 450 consumer alerts against virtual asset companies unlawfully promoting crypto.
Conversely, OANDA’s head of digital assets, Lucian Lauerman, described the UK market as highly educated and dynamic.
He remarked that the market is aligning more with the traditional markets where the company has operated, indicating a slightly elevated regulatory standard.
Cointelegraph reached out to OANDA for comments but has not yet received a response.
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