OANDA, a US-based cryptocurrency brokerage, has received regulatory approval to launch crypto trading services in the United Kingdom through its registered subsidiary, OANDA Crypto. This expansion follows the company's acquisition of a majority stake in Coinpass, an FCA-registered UK firm, in 2023.
New Crypto Trading Platform Features
- Initial Offerings: 63+ cryptocurrency pairs, including Bitcoin (BTC) and Ethereum (ETH).
- Future Plans: Additional tokens and features to be rolled out in coming years.
Strategic Expansion
OANDA’s UK move comes over a year after its US crypto service launch in collaboration with Paxos. The company has also relocated its European operations from Malta to Warsaw, Poland, acquiring Dom Maklerski TMS Brokers SA (now rebranded as OANDA TMS).
Why the UK?
The UK’s stringent regulatory environment aligns with OANDA’s compliance-focused approach. Lucian Lauerman, OANDA’s Head of Digital Assets, describes the market as "well-educated and active," noting increasing regulatory alignment with traditional financial standards.
Regulatory Challenges in the UK
Since October 2023, the FCA has enforced stricter crypto advertising rules, prompting several firms (e.g., Bybit, Revolut) to pause UK operations. Key requirements include:
- Registered Providers Only: Crypto promotions must be approved by FCA-registered entities.
- Risk Disclosures: Platforms must highlight investment risks prominently.
The FCA reported 450 consumer warnings against illegal crypto promotions between October and December 2023.
FAQs
Q: Which cryptocurrencies will OANDA offer in the UK?
A: Initially, 63+ pairs, including BTC and ETH, with more tokens planned.
Q: Why did OANDA choose the UK market?
A: The UK’s robust regulatory framework and educated investor base align with OANDA’s compliance strategy.
Q: How does the FCA regulate crypto ads?
A: Only FCA-registered firms can promote crypto services, with mandatory risk disclosures.
👉 Explore OANDA’s crypto services
👉 Learn about UK crypto regulations