The US-based forex broker OANDA has announced its foray into the cryptocurrency trading realm in the United Kingdom with the launch of its new platform, OANDA Crypto. The platform, registered with the country’s financial regulator, the Financial Conduct Authority (FCA), is poised to offer an array of cryptocurrency trading options to British investors.
OANDA Ventures into the UK Crypto Market with OANDA Crypto Platform
The establishment of OANDA Crypto represents the culmination of last year’s acquisition of a majority stake in the FCA-registered crypto firm Coinpass. This strategic move positions OANDA to tap into the burgeoning crypto market in the UK, which has witnessed a surge in interest and participation.
OANDACrypto is set to facilitate trading in over 63 cryptocurrency pairs featuring popular digital assets, such as Bitcoin, Ether, and Ripple. The company has outlined plans to incorporate additional tokens and introduce new features throughout the year, catering to the evolving needs and preferences of crypto traders.
Journey from the US to the UK and Mainland Europe
Lucian Lauerman, OANDA’s Head of Digital Assets, emphasized the allure of the UK market, citing its high level of participation and sophisticated investor base. In an interview, Lauerman stated: “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.”
Global trading firm @OANDA is opening an FCA-registered crypto division in the UK. By @IanAllison123https://t.co/KCmSVealIu
— CoinDesk (@CoinDesk) February 26, 2024
OANDA’s expansion into the UK follows its existing presence in the US crypto market through a partnership with Paxos, regulated by the New York State Department of Financial Services. Furthermore, the company has realigned its operations in mainland Europe by relocating from Malta to Warsaw, Poland. This strategic move was facilitated by the acquisition of the Polish broker Dom Maklerski TMS Brokers SA, which has been rebranded as OANDA TMS.
This article was written by Tareq Sikder at www.financemagnates.com.
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