2 Million UK PayPal users can now start trading crypto
Starting today, verified United Kingdom residents on PayPal, will be able to buy, hold and sell cryptocurrencies through the platform for the first time.
In an announcement made on Sunday, the leading mobile payments provider said that its U.K. customers will soon have access to Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) through PayPal’s website and mobile app. However, PayPal business accounts are not yet supported.
The announcement had long been anticipated and it was no secret that U.K. expansion was the next move of PayPal beyond the United States where the crypto trading service first launched about a year ago in November of 2020.
Senior executive of PayPal’s crypto division, Jose Fernandez da Ponte, said that the “digitization of money” at times of the pandemic was the primary pull factor to enter crypto, as he added:
“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the U.K. to explore cryptocurrency.”
With over 2 million active users in the U.K., PayPal’s crypto offering will undoubtedly boost exposure to digital assets in the country. As the company encourages its customers to do their research on possible risk, the announcement also read:
“As part of this offering, PayPal provides account holders with educational content to help them understand the cryptocurrency ecosystem, the volatility, risks, and opportunities related to purchasing cryptocurrency. The company encourages its customers to do their research on the risks and opportunities for various cryptocurrencies before taking the step to buy, hold and sell cryptocurrency with PayPal.”
While on the regulatory front, the U.K.’s Financial Conduct Authority, or FCA, is increasingly cracking down on non-compliant cryptocurrency exchanges, da Ponte said his company is “committed to continue working closely with regulators in the U.K. and around the world”.
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Source: igaming
