Oanda brokerage set to introduce cryptocurrency trading in the UK – Report

OANDA, a brokerage firm, is launching cryptocurrency trading in the UK and will be headquartered in London. The new venture will be called OANDA Crypto.

Tanzeel Akhtar Last updated: February 26, 2024 00:20 EST | 1 min read

Source: DALL·E 3

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 Blocking.net 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 an FCA registration.

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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 Blocking.net. “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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OANDA Launches Crypto Trading in the UK 🚀

British crypto enthusiasts have something to cheer about as brokerage firm OANDA jumps into the crypto game in the UK! 🎉 The company, known for its global presence, is opening its new venture, “OANDA Crypto,” in London. With a solid reputation and FCA registration, OANDA is making a bold move into the crypto world.

Crypto Fever Sweeps the UK 🌡️

Why did OANDA choose the UK for its crypto expansion? According to Lucian Lauerman, OANDA’s head of digital assets, the UK has a highly active and well-educated market. It seems like Brits have caught the crypto bug, and the regulatory environment is becoming more favorable. Lauerman believes that the opportunity in the UK aligns with OANDA’s traditional markets, and the bar has been set higher in terms of regulations.

FCA Takes on Money Laundering 🔍💰

The Financial Conduct Authority (FCA) is keeping a close eye on the UK’s cryptocurrency scene. Recently, the agency conducted internal reviews on 44 crypto firms to tackle money laundering concerns. It’s all part of their effort to ensure strict compliance with anti-money laundering regulations and protect users’ assets. The FCA has been taking robust action and implementing key regulations over the last few months to ensure a safe and secure crypto market.

Challenges Ahead for the UK Crypto Hub 🏦🔒

While the UK crypto market shows promise, there are still challenges to overcome. Last year, crypto companies voiced their grievances about the lack of access to banking services directly to the UK government. Without adequate banking support, the UK may struggle to become a vibrant crypto hub. Jeff Hancock, co-founder and CEO of Coinpass, London’s popular crypto exchange, expressed his concerns about the limitations on banking access hindering the country’s crypto aspirations.

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Q&A

Q: What does OANDA’s entry into the UK crypto market mean for traders and investors? A: OANDA’s move into the UK crypto market brings more options and opportunities for traders and investors. With its industry reputation and FCA registration, OANDA Crypto provides a trustworthy platform for crypto enthusiasts to engage in trading and investment activities.

Q: How does the UK crypto market compare to other markets OANDA operates in? A: According to Lucian Lauerman, OANDA’s head of digital assets, the UK crypto market is highly active and well-educated. It aligns with the markets where OANDA traditionally operates, and the regulatory requirements set a higher standard. This indicates that the UK market is becoming more mature and attractive for businesses like OANDA.

Q: What measures has the FCA taken to address money laundering concerns in the UK crypto market? A: The FCA has conducted internal reviews of 44 crypto firms registered in the UK to ensure compliance with anti-money laundering regulations. The regulator is determined to secure user assets and maintain the integrity of the market. Their actions demonstrate a commitment to creating a safe and transparent environment for crypto transactions.

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References: 1. Matrixport Founder Says Dissemination Bitcoin ETF Report Beyond Control 2. Crypto Market Recovers as Scammers Target Exchange Token Listings 3. Banxa Payments Partner Binance, OKX Lands UK Crypto Register 4. More From Tanzeel Akhtar

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