Crypto Brokerage Giant OANDA Launches Extensive Trading Platform in UK, Offers 63 Trading Pairs
Crypto News – OANDA, a United States-based cryptocurrency brokerage firm, is poised to launch its crypto trading services in the United Kingdom through its registered subsidiary, OANDA Crypto. This move comes following the establishment of the crypto subsidiary last year, which occurred subsequent to OANDA’s acquisition of a majority stake in Coinpass, a Financial Conduct Authority (FCA)-registered entity.
The forthcoming crypto trading platform by OANDA is slated to provide trading services for an initial offering of more than 63 cryptocurrency pairs, encompassing notable assets like Bitcoin and Ether. Additionally, there are plans for the platform to incorporate additional tokens and features over the coming years.
This expansion into the UK market follows OANDA’s introduction of crypto trading services in the United States over a year ago, accomplished through a partnership with Paxos, a prominent crypto trading platform. Furthermore, OANDA recently relocated its European operations from Malta to Warsaw, Poland, through the acquisition of the Polish brokerage firm Dom Maklerski TMS Brokers SA, subsequently rebranded as OANDA TMS.
OANDA’s strategic choice of regions with stringent regulatory frameworks, such as the US and now the UK, underscores its commitment to compliance and regulatory alignment. This move also contrasts with the actions of several leading crypto companies, including Bybit and Revolut, which temporarily halted operations in the UK following the implementation of new FCA guidelines on crypto advertising in October 2023.
The revised advertising regulations mandate that only FCA-registered virtual asset service providers can promote their offerings in the UK. Furthermore, crypto firms are required to substantially adapt their online platforms to enhance disclosure of investment risks to potential customers.
The FCA’s scrutiny revealed significant levels of non-compliance among crypto firms regarding the promotion rules implemented on October 8, 2023. Between October 8 and December 31, 2023, the regulator issued 450 consumer alerts concerning virtual asset companies that unlawfully promoted crypto.
In contrast, Lucian Lauerman, OANDA’s head of digital assets, lauded the UK market as highly educated and active. He noted that the market is becoming increasingly aligned with the jurisdictions where OANDA traditionally operates, albeit with a slightly elevated regulatory standard.
Leave a comment