UK – OANDA, a US-based forex company, is opening a crypto trading platform in the UK. The platform has already been registered with the proper authorities and will be called OANDA crypto.
The process has been in progress for about a year since the company purchased a stake in Coinpass, a crypto company.The development is interesting for those who plan to trade in crypto in the UK market, but it is also a sign of a broader shift. Traditional financial companies have been going into the crypto market with vigor in the last couple of years, and this move is a part of that broader change.OANDA Crypto will be the trading name of the new company, with its official name remaining OANDA Coinpass Limited. The company will offer trading services for 63 different cryptocurrencies, including big names such as Bitcoin, Ethereum, and Ripple.Lucian Lauerman, Head of Digital Assets, said, “With OANDA Crypto, we are staying true to our mission of making trading experiences smarter by bringing the reliability, security, and simplicity of our robust trading platforms into an easy-to-use app, making crypto attractive to UK traders and investors of all levels of experience.” The move comes after a whole year of preparations made by OANDA’s parent company. It started in 2023 when OANDA purchased the majority interest in Coinpasss and created the OANDA Coinpass Limited. The company already provided financial services and foreign currency trading, which led to the creation of a company that deals in digital currencies.Coinpass was created in 2018 to meet the UK’s digital currency users’ needs.“By adding Coinpass’ regulated crypto trading proposition to OANDA’s existing multi-assets offering, we will significantly expand our footprint and widen our appeal to a growing base of retail investors in the UK,” said Gavin Bambury, Chief Executive Officer of OANDA. OANDA already offers cryptocurrency-related services in the US. This is done in partnership with the New York State Department of Financial Services-regulated Paxos. However, OANDA is moving into the UK market and to the European markets in general.Crypto businesses are facing additional scrutiny in the US, and new regulations are constantly being implemented. That was one of the main drivers behind companies going to Europe, alongside its tech-savvy population and steadily growing economy.“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 regarding 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 was founded in 1996 and is a pioneer company in online foreign exchange trading. It was an innovator in the industry as it introduced free exchange rate data online and launched one of the first forex trading sites.It’s no surprise that OANDA was also one of the first online trading platforms to enter the crypto industry when it emerged. It’s also among the first to move to Europe when the global crypto trade is changing. One of the services of the new trading platform will be its app, which is designed to streamline crypto trading further. It will allow users to trade a great variety of cryptocurrencies and stablecoins using a simple and easy-to-use interface.The app’s desktop version also provides an advanced chart with over 100,000 public indicators, 110 smart drawing tools, and volume profile indicators powered by TradingView. It also features customer support available 24/7. FCA stands for Financial Conduct Authority (FCA). It’s a financial regulatory body in the UK which operates independently of the government. FCA allowed OANDA to start operating in the UK after a year of probing and the registration process.The fact that it’s going through channels designed for traditional financial institutions shows how OANDA will approach the UK and European markets. It also means that the cryptocurrency market is changing and that it’s now more closely regulated. This will be a good thing for some users as the market is now safer and more stable.Since cryptocurrencies have become a thing, different industries have started looking for ways to implement them. Cryptocurrency can be used as a payment method, and the gambling industry was among the first to accept it for that purpose.Over the years, the market has changed and grown, and cryptos are now widely accepted as a payment method in many industries. Some of these are traditional industries with a long history and a steady customer base. It’s a testament to how the market has changed and how the public perception of crypto has changed as well.The move many traditional trading and finance companies are making toward crypto is also a part of this trend. It’s more recent, but it’s also happening much faster than with companies that simply allow payment in cryptocurrencies. One of the biggest milestones when it comes to the change in attitude towards crypto was the introduction of ETFs. They are similar to mutual funds as they allow the investors to purchase a percentage of a crypto company on a stock market without actually buying crypto.Innovation is important because many traditional investors, such as banks, funds, and pension funds, want to diversify and get into crypto. ETFs have become a way to do that without having to deal with the volatility of crypto directly. The increase in cryptocurrency adoption has also led to an increase in regulations. This was met with disapproval by some users who have been there from the ground up and are used to crypto markets that aren’t regulated at all.On the other hand, for some investors, more government involvement means more stability and security, and they welcome the increase in regulation. It shows that cryptos can be an investment in the long term. Europe was a bit behind the US when it came to the cryptocurrency market. The EU is known for its complicated regulatory system and is suited to innovative practices such as blockchain and crypto payments. However, advanced European economies wanted a piece of the market, and over the years, they’ve adapted to the crypto industry.Now, when the US is changing its attitude towards crypto and introducing new regulations, there’s a push from the big crypto companies to move to Europe. OANDA is a part of that trend, and more companies will follow. OANDA, a foreign currency exchange platform, has created a crypto trading platform based in the UK. OANDA is a company with a long history in the financial market and one of the first to utilize the Internet for its services. It’s registered in the UK by the proper authorities and offers its services via a platform and an app.This is part of an overall shift in how cryptos are viewed and traded. More traditional financial institutions are getting into crypto and moving to Europe, while the US is starting to regulate the industry. More similar companies will probably follow.
