PayPal Receives UK Regulatory Approval to Offer Cryptoasset Services, Sets Up Post-Brexit Base

FCA green-lights PayPal to offer crypto services in UK, says company adheres to stringent anti-money laundering protocols as it establishes new entity in country post-Brexit.

• PayPal has gained UK regulatory approval from the Financial Conduct Authority (FCA) to provide crypto services, illustrating PayPal's commitment to adhering to stringent anti-money laundering protocols.
• Following an August announcement that saw PayPal temporarily suspending crypto purchases in the UK, the firm is now granted permission to resume its crypto-centric activities and independently authorize its communications in line with newly established marketing guidelines.
• The FCA approval certifies PayPal as an authorized electronic money institution, a consumer credit firm, and most significantly a cryptoasset business, legitimizing its operations in the UK.
• Despite Brexit, UK PayPal customers will be transferred from PayPal Europe to a newly established entity based in the United Kingdom, effective November 1, 2023.
• The FCA approval, however, doesn’t mean that UK customers can immediately buy cryptoassets through PayPal. The firm plans to restart such service in early 2024.

3 Articles

Reuters Benzinga CNA