March 5, 2024

PayPal scores UK crypto license after brief local Bitcoin buy halt

Licensed by the FCA on Oct. 31, 2023, PayPal has requirements or restrictions placed on the financial services activities that it can operate.

Global payment giant PayPal has received approval from the Financial Conduct Authority (FCA) to offer crypto services in the United Kingdom.

According to official FCA data, PayPal has been registered to offer “certain crypto asset activities” in the U.K. since Oct. 31, 2023.

According to the register, PayPal has requirements or restrictions placed on the financial services activities that it can operate.

“This includes, but is not limited to, ceasing on-boarding new customers and restricting existing customers to hold and sell functionality,” the information on the FCA register reads.

“The firm cannot expand its current offering in crypto assets,” the register notes, adding that it’s “including, but not limited” to crypto exchange services, participation in initial coin offerings, staking, peer-to-peer exchange and decentralized finance activities such as lending and borrowing.

This is a developing story, and further information will be added as it becomes available.