US-based cryptocurrency brokerage firm OANDA is expanding its reach by launching OANDA Crypto, a new platform offering crypto trading services in the United Kingdom. This move follows OANDA’s acquisition of a majority stake in FCA-registered Coinpass last year, paving the way for its official entry into the UK market.
OANDA Crypto to Avail Over 63 Crypto Pairs
OANDA Crypto will trade over 63 cryptocurrency pairs, including popular tokens like Bitcoin (BTC) and Ether (ETH). The platform aims to broaden its offerings further by adding more tokens and features in the coming years, catering to the evolving needs of cryptocurrency users.
Expanding Footprint After US Launch
OANDA expanded its reach in the UK through its subsidiary OANDA Crypto a year after it launched crypto trading services in the US through a partnership with Paxos. This move aligns with OANDA’s recent shift in European operations, where the firm moved its focus from Malta to Poland by acquiring Dom Maklerski TMS Brokers SA, now known as OANDA TMS.
Navigating a Regulated Market
OANDA’s choices for expansion reflect its preference for regions with strict regulatory frameworks. The UK market presents a unique landscape, as several leading crypto companies like Bybit and Revolut temporarily suspended operations in 2023 due to the FCA’s new advertising guidelines. These guidelines aim to address non-compliance within the crypto industry, with the FCA issuing 450 consumer alerts against firms violating the regulations between October 8 and December 31, 2023.
OANDA Sees Opportunity in a Stringent Environment
Despite the regulatory challenges, OANDA’s head of digital assets, Lucian Lauerman, views the UK market as “well-educated and active.” He believes the market aligns well with OANDA’s existing operating environment, where “the regulatory bar has been set slightly higher.”
OANDA Crypto’s launch signifies the firm’s confidence in the UK’s growing crypto market and its commitment to operating within a regulated environment. The platform’s arrival adds another player to the UK’s evolving crypto landscape, offering users a new avenue to trade and engage with the world of digital assets.
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