Brokerage OANDA to Launch Crypto Trading in the UK

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.”

In an announcement, the firm said the OANDA Crypto platform currently supports trading in over 63 cryptocurrency pairs, including Bitcoin, Ether, and Ripple, with plans to add more tokens and features over the year.

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.

The brokerage added that the move to launch the trading platform builds on OANDA’s August acquisition of a majority interest in Coinpass Limited.

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.”