PayPal Gains FCA Approval as a Registered Crypto Service Provider in the UK

01. Nov 2023 Posted by Guest on News

Payments giant PayPal has successfully obtained registration with the U.K. Financial Conduct Authority (FCA), allowing the company to provide specific cryptocurrency services and advertise to local clients, according to information available on the regulator's website.

PayPal UK Limited officially entered the FCA's registry on Tuesday, granting it permission to engage in "certain cryptoasset activities." In the United Kingdom, businesses offering cryptocurrency services are required to secure FCA registration and adhere to the regulator's anti-money laundering regulations.

Being listed on this registry, which was established in 2020, also permits PayPal to approve its own crypto-related communications under the newly introduced marketing regulations. Earlier in August, PayPal had announced a temporary suspension of crypto purchases in the country to ensure compliance with these regulations.