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Key Takeaways:
Regulatory approval: OANDA has received approval from regulators in the UK to introduce cryptocurrency trading services. This signifies a significant milestone for the company and indicates a growing acceptance and integration of cryptocurrencies into mainstream financial markets.
Increased market access: With this approval, OANDA can now offer its customers in the UK access to cryptocurrency trading, providing them with additional options for diversifying their investment portfolios. This move reflects the increasing demand for crypto trading services among retail investors.
Competitive advantage: By expanding its services to include cryptocurrencies, OANDA can attract new customers and better compete with other financial institutions and trading platforms already offering crypto trading. This move allows OANDA to stay relevant in an evolving market landscape and adapt to changing customer preferences.
Leading financial services provider OANDA has received authorisation to launch cryptocurrency trading services in the United Kingdom (UK), marking a significant expansion in its offerings.
Overview
Last year, the crypto brokerage firm acquired a majority stake in FCA-registered Coinpass after establishing the crypto subsidiary. This move comes amidst the growing demand for digital assets and signifies OANDA’s commitment to providing its clients with diverse investment opportunities. With the regulatory approval secured, OANDA aims to leverage its expertise in financial markets to offer reliable and secure crypto trading services to its UK customer base.
For over 63 crypto pairs, the new trading platform will offer trading services, including Bitcoin (BTC) and Ether (ETH), adding more tokens and features in the coming years. OANDA’s recent expansion in the UK comes a year after the firm opened crypto trading services in the United States (US) in partnership with a popular crypto trading platform, Paxos. Recently, the firm moved its European operations away from Malta to Warsaw in Poland, acquiring Polish broker Dom Maklerski TMS Brokers SA, which was rebranded to OANDA TMS.
Regulatory Approval Signals Acceptance of Cryptocurrency
The approval granted to OANDA to offer crypto trading in the UK underscores the increasing acceptance of digital assets within traditional financial institutions. Regulatory authorities in the UK have demonstrated a willingness to adapt to the evolving landscape of finance by acknowledging the role of cryptocurrencies. This move validates the legitimacy of cryptocurrencies and opens up avenues for investors to access these innovative assets through established and regulated platforms. OANDA’s compliance with regulatory standards highlights its commitment to upholding industry best practices and ensuring the safety of its clients’ investments.
The crypto brokerage firm has often chosen regions with strict regulatory requirements. By adhering to stringent regulatory requirements, OANDA seeks to instill trust and confidence among investors looking to explore the burgeoning crypto market. In October 2023, the FCA introduced new regulatory guidelines on crypto advertisement, which left several leading crypto companies withdrawing their services in the UK.
Between October 8 2023, and December 31 2023, the FCA found significant levels of non-compliance from crypto firms and issued 450 consumer alerts against digital asset companies violating the crypto promotion rules. In 2023, crypto firms such as Revolut and Bybit temporarily suspended their operations in the UK and cited the new FCA promotion rules. The company’s entry into crypto trading in the UK aligns with its mission to empower individuals with the tools and resources needed to navigate the complexities of modern finance.
Meeting the Demand for Cryptocurrency Amidst Market Growth
OANDA decided to introduce crypto trading services in the UK at a time when the market for digital assets was experiencing unprecedented growth. The pioneering crypto has surged in value over recent years, attracting widespread attention from investors and institutions alike. Additionally, alternative cryptocurrencies, or altcoins, have further diversified the crypto market, offering investors a broader range of investment opportunities.
OANDA’s head of digital assets, Lucian Lauerman, highlighted that the UK market is well-educated and active. He revealed that the market is becoming “more aligned with the markets where we’ve traditionally operated. The regulatory bar has been set slightly higher.” OANDA’s entry into the crypto space reflects its recognition of the growing demand for digital assets and the evolving needs of investors. By integrating crypto trading into its platform, OANDA aims to cater to the preferences of its clientele and provide them with access to a diverse array of investment products. Moreover, OANDA’s established reputation in the financial services industry positions it well to serve as a trusted partner for individuals seeking to venture into crypto trading.
OANDA’s approval to offer cryptocurrency trading services in the United Kingdom signifies a significant milestone in integrating digital assets into traditional finance. The move underscores the growing acceptance of cryptocurrencies within regulatory frameworks and highlights OANDA’s commitment to meeting the evolving needs of its clients. As the demand for cryptocurrencies rises, OANDA is poised to play a pivotal role in facilitating access to this dynamic and rapidly expanding market. With its robust infrastructure and dedication to regulatory compliance, OANDA is well-positioned to serve as a leading provider of cryptocurrency trading services in the UK and beyond.