OANDA, a United States-based crypto brokerage firm, has received approval to launch its crypto trading platform, OANDA Crypto, in the United Kingdom. This move comes after the firm established its crypto subsidiary last year through the acquisition of a majority stake in FCA-registered Coinpass.
Comprehensive Crypto Trading Offerings
OANDA Crypto will initially offer trading services for 63 cryptocurrency pairs, including popular options like Bitcoin and Ether. The platform plans to expand its offerings by adding more tokens and features in the future.
Strategic Expansion in Regulatory-Compliant Markets
OANDA's expansion into the UK market follows its successful launch of crypto trading services in the US in partnership with Paxos. The company recently relocated its European operations from Malta to Warsaw, Poland, through the acquisition of Polish broker Dom Maklerski TMS Brokers SA, rebranded as OANDA TMS.
Compliance with Stringent Regulatory Guidelines
OANDA's choice to operate in regions with strict regulatory requirements reflects its commitment to compliance and customer protection. The UK's Financial Conduct Authority (FCA) has implemented new regulatory guidelines for crypto advertisements, leading several crypto firms to temporarily suspend their UK operations.
Positive Outlook for the UK Market
Lucian Lauerman, OANDA's head of digital assets, expressed optimism about the UK market, describing it as well-educated and active. He noted that the market is becoming more aligned with traditional markets where OANDA has operated, with a higher regulatory standard.
Conclusion
OANDA's expansion into the UK crypto market marks a significant step in its global growth strategy. By offering a comprehensive range of crypto trading pairs, the firm aims to cater to the growing demand for crypto investment opportunities in the UK.
