Global payments giant PayPal has been approved by the UK’s Financial Conduct Authority (FCA) to provide cryptocurrency services in the country.
According to official FCA data , PayPal is registered to provide “certain electronic money activities” in the UK as of October 31, 2023. PayPal must implement requirements or restrictions on the financial services activities in which it may operate.
Information on the FCA register says:
“This includes, but is not limited to, closing on new customers and restricting existing customers from keeping and selling active features. The Company cannot expand its current cryptocurrency offering,” the registrar noted, adding “including but not limited to” exchange services, participation in ICOs, staking, peer-to-peer exchanges, and decentralized financial activities such as lending and borrowing.
