PayPal, a global payment App announces that their UK customers will have access to buy, hold or sell various cryptocurrencies for the first time. The app aims to follow the regulations issued by the UK regulators to avoid any warning. And also give the UK customers a chance to research cryptocurrency before venturing into any transaction.
The App will give access to their UK customers to Bitcoin, Ethereum and various cryptocurrencies, during a press conference Jose Fernandez da Ponte, a senior executive for PayPal’s crypto division, stated the desire of the Company to help many in UK explore cryptocurrency and also play a pivot role in the adoption of cryptocurrency in UK.
Marks PayPal first international expansion of PayPal’s crypto service beyond the shores of the U.S. The rumors of PayPal expansion into Cryptocurrency have been luring for a while now, after the CEO Dan Schulman, hinting to his investor that the UK customers will soon have access to cryptocurrency via PayPal.
The UK customers are given access to choose between four cryptocurrencies, Bitcoin, Ethereum, Litecoin and Bitcoin cash through the PayPal official website or through the PayPal Application.
On the regulatory standpoint, the U.K.’s Financial Conduct Authority, or FCA, is concerned over many cryptocurrency exchanges not meeting up their requirements or requiring license to operate in the Country.
Binance UK operatives were shut down earlier back in June after the FCA issued a warning for the exchange to stop operating in the country without a license and they are not permitted to offer regulated trading activity in the country.
PayPal’s Senior Executive on Crypto da Ponte said his company is largely committed to continue working hand in hand with the regulators in the U.K and across the world” in offering its crypto offerings and plans to become the mainstream of cryptocurrency in the country.
