US-based OANDA gets the green light to offer crypto trading in the UK

US-based crypto brokerage firm OANDA is set to launch crypto trading services through UK-registered OANDA Crypto. The crypto subsidiary was formed last year after a cryptocurrency brokerage firm acquired a majority stake in Financial Conduct Authority (FCA)-registered Coinpass.

The new crypto trading platform offers trading services for more than 63 cryptocurrency pairs, including Bitcoin (BTC) and Ether (ETH), with plans to add more tokens and features in the coming years.

OANDA's recent expansion into the UK comes more than a year after the company launched crypto trading services in the US in partnership with Paxus, a popular crypto trading platform. The firm recently moved its European operations away from Malta to Warsaw, Poland, with the acquisition of Polish broker Dom McClerski TMS Broker S.N., which later became OANDA TMS.

Crypto brokerage firms have often chosen jurisdictions with strict regulatory requirements, first the US and now the UK. The FCA's new regulatory guidelines on crypto advertising in the UK from October 2023 have seen many leading crypto companies withdraw their services. Crypto companies such as Bybit and Revolut temporarily suspended their operations in the UK last year, citing the new FCA promotion rules.

Related: Controversial UK law creates ‘positive friction' for crypto users

The new advertising law will allow FCA-registered virtual value service providers to advertise their activities in the country. The rules require crypto companies to use their online platforms to better warn their customers about investment risks.

The FCA has found “substandard standards” from crypto companies for breaching crypto promotion regulations, which will come into effect from October 8, 2023. The regulator highlighted that it issued 450 between October 8 and December 31, 2023. Client Alerts on Virtual Asset Companies Illegally Promoting Crypto

On the other hand, OANDA's head of digital assets, Lucian Lauermann, called the UK market a very educated and active market. He added that the market is “more in line with the markets we normally operate in.” The control bar is placed slightly higher.

Cointelegraph has reached out to OANDA for comments but has yet to receive a response.

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