Brokerage firm OANDA is launching crypto trading in the UK and will be based in London, and the new business will be dubbed, “OANDA Crypto,” according to a CoinDesk report by Ian Allison.
The brokerage has registered with the UK regulator, the Financial Conduct Authority (FCA). Following the acquisition of London-based crypto exchange Coinpass in 2023, the firm has a FCA registration.
OANDA is a global brokerage and already has regulated entities in New York, Toronto, London, Warsaw, Singapore, Tokyo, and Sydney, according to the broker’s website.
UK Crypto Market Active and ‘Well Educated’
“The UK has a high level of participation and is a very well-educated and active market,” said OANDA’s head of digital assets Lucian Lauerman in an interview with CoinDesk. “What we liked about the opportunity in the UK when it comes to crypto, is that it’s becoming more aligned with the markets where we’ve traditionally operated. The regulatory bar has been set slightly higher,” added Lauerman.
A spokesperson from OANDA was unavailable to comment further on the report.
FCA Reviews Crypto Firms Registered in the UK
Recently the FCA conducted internal reviews on 44 cryptocurrency firms registered in the country to tackle money laundering concerns. In a Feb 14 release, the regulator highlighted key areas in the UK markets including digital assets regulations. Last year, the FCA carried out wider industry oversight functions ranging from advertising compliance to consumer protection measures. According to the release, the FCA has taken robust action to secure user assets with key regulations in the last three months.
So far, the FCA has reviewed 44 digital asset firms registered in the country to ensure strict compliance with anti-money laundering regulations.
Last year, amidst increasing limitations on banking access in the UK, crypto companies took their grievances directly to Prime Minister Rishi Sunak’s government. Jeff Hancock, co-founder and chief executive of London-based crypto exchange Coinpass, was quoted as saying that the lack of access to banking “hampers any effort to make the UK a crypto hub, which is what Rishi and the government say they want.”
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