U.S.-based forex pioneer OANDA is launching a cryptocurrency trading platform in the UK, registered with the Financial Conduct Authority (FCA) and headquartered in London. Named OANDA Crypto, the platform marks OANDA’s entry into the cryptocurrency market.
- Global brokerage firm is officially opening for crypto trading in the UK.
- OANDA Crypto will be based in London and comes with FCA registration thanks to last year’s acquisition of Coinpass.
The establishment of OANDA Crypto follows its acquisition of a majority stake in Coinpass, a FCA-registered cryptocurrency company, last year. The platform will facilitate trading in more than 63 cryptocurrency pairs, encompassing popular options such as Bitcoin, Ether, and Ripple. OANDA intends to expand its offerings by introducing additional tokens and features throughout the year.
Despite the tendency of certain crypto-focused firms to avoid heavily regulated jurisdictions like the U.S., OANDA found the regulatory environment in the UK, overseen by the Financial Conduct Authority, to be appealing. According to Lucian Lauerman, the firm’s head of digital assets, this factor contributed to OANDA’s decision to establish its cryptocurrency trading platform in London.
“The UK has a high level of participation and is a very well educated and active market,” Lauerman said in an interview. “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.”
OANDA currently provides cryptocurrency trading services in the U.S. through a collaboration with Paxos, regulated by the New York State Department of Financial Services. Additionally, the brokerage has shifted its focus in mainland Europe from Malta to Warsaw, Poland. This transition involved the acquisition of Polish broker Dom Maklerski TMS Brokers SA, which was subsequently rebranded as OANDA TMS.
