PayPal UK Unit Registers as Crypto Service Provider đŹđ§
Global payments giant PayPalâs U.K. subsidiary has reportedly received approval from the Financial Conduct Authority (FCA) to offer crypto services in the region. Specifically, the regulatorâs website shows that PayPal UK Limited has been registered to offer âcertain crypto asset activitiesâ in the U.K. since Oct. 31, 2023.
Notably, PayPal had temporarily paused crypto purchases in the country since August to comply with the FCAâs marketing guidelines. This appears to still be in place as the website notes that PayPal has restrictions placed on the financial services activities that it can operate. It states that this âincludes, but is not limited to, ceasing onboarding new customers and restricting existing customers to hold and sell functionality.â It also states that PayPal cannot expand its âcurrent offering in crypto assets.â
Source