Ian Ellison of CoinDesk reports that brokerage OANDA has launched cryptocurrency trading in the UK and will be based in London.
The broker has registered with the UK regulator Financial Conduct Authority (FCA) after acquiring London-based #cryptocurrency exchange Coinpass in 2023.
According to the broker's website, OANDA is a global broker and already has regulatory offices in New York, Toronto, London, Warsaw, Singapore, Tokyo and Sydney.
Lucian Lauerman, head of #digital assets at OANDA, told CoinDesk: "The UK is a very educated and active market with high levels of participation. What we like about the UK from a cryptocurrency perspective is that it is starting to resemble the markets we have traditionally worked in. The regulatory hurdles are a little bit higher," Lauerman added.
A spokesperson for OANDA was not available to comment on the report.
The FCA recently conducted an internal investigation into 44 nationally registered cryptocurrency firms to combat money laundering, and in a February 14 release, the regulator highlighted key areas of the UK market, including the regulation of digital assets. Over the past year, the FCA has taken on a broad role in overseeing the industry, from advertising compliance to consumer protection measures. According to the release, over the past three months, the FCA has taken proactive steps to ensure the security of user assets through key regulations.
To date, the FCA has inspected 44 digital asset firms registered in the country to determine how strictly they are complying with anti-money laundering rules.
Last year, cryptocurrency firms filed complaints directly with #Prime Minister Rishi Snrk's government as the UK restricts access to banking services. Jeff Hancock, co-founder and CEO of London-based #cryptocurrency exchange Coinpass, said the lack of access to banking services "hinders efforts to make the UK a cryptocurrency hub, which is what Rishi and his government say they want. "
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