PayPal Receives FCA Approval to Offer Limited Crypto Services in the UK

2023-11-2 06:48

United Kingdom (UK) authorities have granted approval to the payment giant PayPal to commence offering cryptocurrency services within the nation.

It appears that PayPal has been able to offer these services since October 31.

PayPal Granted Permission to Offer Limited Crypto Activities in UK

According to the Financial Conduct Authority (FCA), PayPal has received the appropriate money laundering regulations status to offer restricted crypto services to its customers.

The website states:

“This firm is registered for certain cryptoasset activities.”

PayPal UK registered for certain cryptoasset activities. Source: FCA

However, it further specifies that PayPal is restricted from engaging in various crypto-related activities, including operating crypto ATMs and serving as a crypto lending platform.

The FCA has prohibited,

“Operating a machine which utilized the automated process to exchange cryptoassets for money or money for cryptoassets.”

It has also ruled out decentralized finance (DeFi) activities, also prohibiting the, 

“Facilitating or participating in decentralized finance activities such as Cryptoasset lending and borrowing.”

It also states that PayPal is prohibited from participating in initial coin offerings (ICOs).

Learn more: How To Buy Bitcoin With PayPal: A Step-by-Step Guide

PayPal Bolstering Crypto Efforts

Paypal’s recent actions reflect its commitment to becoming a crypto-friendly company.

On September 28, Crypto.com joined forces with PayPal to be the preferred exchange option for PayPal USD (PYUSD), as recently reported by BeInCrypto.

Crypto.com expressed its plans to leverage PayPal’s extensive global network to make cryptocurrencies accessible to a broader audience.

Both companies have expressed their intent to explore further collaborative opportunities, but users can already fund their Crypto.com Visa card using PayPal.

Learn more: 9 Best Crypto Platforms To Buy Bitcoin With PayPal

The post PayPal Receives FCA Approval to Offer Limited Crypto Services in the UK appeared first on BeInCrypto.

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