PayPal Receives Approval from FCA to Offer Cryptocurrency Services in the UK

Global payment platform PayPal has obtained a cryptocurrency license in the UK, following a brief halt in local Bitcoin purchases.

The global payment platform, PayPal, has taken a significant step in offering cryptocurrency services in the UK. The company has been licensed by the UK’s financial regulatory body, the Financial Conduct Authority (FCA), to carry out cryptocurrency-related activities.

Limited Activities Will Be Applicable

Starting from 31 October 2023, PayPal will be able to conduct “certain crypto asset activities” within the borders of the United Kingdom. However, this authorization is not unlimited. As stated in the official records of the FCA, there are some requirements and restrictions related to the financial services the company provides.

These restrictions can include halting the acceptance of new customers and limiting certain functionalities for existing customers. Moreover, the FCA has stated that such restrictions aim to reduce potential risks in the cryptocurrency markets and protect consumers.

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