PayPal Secures UK Crypto License
01 Nov, 2023 ● Crypto News
PayPal has received approval from the Financial Conduct Authority (FCA) to offer cryptocurrency services in the United Kingdom.
PayPal has been registered to offer "certain crypto asset activities" in the United Kingdom since October 31, 2023, according to official FCA data.
According to the register, PayPal's financial services activities are subject to requirements or restrictions.
The information on the FCA register reads the following:
“This includes, but is not limited to, ceasing on-boarding new customers and restricting existing customers to hold and sell functionality,” the information on the FCA register reads.
The register also notes that the firm “cannot expand its current offering in crypto assets,” and that it’s “including, but not limited” to crypto exchange services, participation in initial coin offerings, staking, peer-to-peer exchange and decentralized finance activities such as lending and borrowing.
PayPal is said to be the fourth company to receive the FCA's crypto registration in 2023, following Interactive Brokers, Bitstamp, and Komainu.
The license acquisition comes shortly after PayPal temporarily suspended its U.K. customers' ability to buy cryptocurrencies such as Bitcoin in early October.
Sources:
https://cointelegraph.com/news/paypal-scores-uk-crypto-license
