The certification now permits Bitpanda to accept UK users again.
Summary
• Bitpanda, a popular cryptocurrency exchange, has received FCA approval to operate in the UK.
• The license allows UK investors to access over 500 cryptocurrencies and covers additional services like savings programs and staking.
• FCA’s new crypto rules have challenged Bitpanda’s UK experience, leading to a cessation of new user registrations.
• With the FCA approval, Bitpanda can resume accepting UK users, a move that has been in place since 2021.
Bitpanda, a popular cryptocurrency exchange, has made tremendous headway with its growth ambitions.
Bitpanda announced that it has acquired clearance from the Financial Conduct Authority (FCA) to operate in the United Kingdom. This means UK investors may now access over 500 cryptocurrencies on the site. Furthermore, the license covers additional services like savings programs and staking.
FCA’s New Crypto Rules Challenge Bitpanda in UK
Bitpanda’s experience in the United Kingdom has been mixed. Last year, the exchange had to cease new user registrations. This was due to new restrictions imposed by the FCA, which increased pressure on exchanges. The FCA required crypto exchanges, among other things, to provide a caution about the volatility of crypto investments.
Most cryptocurrency exchanges were unable to comply with the new regulations, and as a result, they ceased business in the UK. Although Bitpanda was unable to register new users, the exchange was able to serve current customers.
Bitpanda Receives FCA Approval to Expand in the UK
With permission, BitPanda may now welcome UK users again. The exchange has been operating in the UK since 2021. Bitpanda has also expanded significantly outside of the United Kingdom.
The trading platform just received MiCA accreditation, allowing it to operate inside the European Union. Bitpanda has also listed several additional tokens, offering more options for its large user base.
However, the exchange does not intend to list UK specific currencies. Instead, UK consumers will have access to assets identical to those available to EU merchants.
UK Won’t Get USDT
It is crucial to note that Bitpanda will not be offering USDT (Tether) to its UK or EU consumers. Many cryptocurrency exchanges, like Coinbase and Kraken, have already begun to remove USDT from their systems owing to regulatory concerns. Nonetheless, Bitpanda’s FCA clearance is a significant step forward for both the firm and UK investors, who now have additional alternatives to consider.
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