PayPal Launches Cryptocurrency Service for UK Customers
PayPal customers with verified identities will soon have access to cryptocurrency trading. However, cryptocurrency transactions for PayPal business accounts are not yet supported.
Starting this week, UK residents will be able to buy, hold and sell cryptocurrencies through PayPal for the first time – marking a major milestone for a company that has already started offering asset services. digital less than a year ago.
The global payments provider announced on Sunday that UK customers will soon have access to Bitcoin (BTC), Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH) through PayPal website and mobile app. This announcement marks the first expansion of PayPal’s cryptocurrency services outside of the United States – a service that first launched last November.
Jose Fernandez da Ponte, senior managing director for PayPal’s crypto division, cited the “digitalization of money” during the pandemic as one of the main motivations for getting into crypto in the first place. He continued:
Our global reach, digital payments expertise, and consumer and business knowledge, combined with stringent security and compliance controls give us the opportunity to The only association and responsibility to help people in the UK explore cryptocurrency.
By offering its crypto services to UK residents, PayPal can play a role in increasing exposure to digital assets in the country. According to the report, out of all European countries, PayPal penetration is highest in the UK with over 2 million monthly active users.
Rumors of PayPal’s crypto expansion plans have been circulating since last month when CEO Dan Schulman told investors that the UK was likely to receive the service soon.
Legally, the UK’s Financial Conduct Authority (FCA) is becoming increasingly strict with crypto exchanges that fail to meet its registration requirements. Binance’s UK operations were shut down earlier this summer after the FCA warned the exchange that it was not allowed to offer regulated trading in the country. PayPal’s Da Ponte said his company is “committed to continuing to work closely with regulators in the UK and around the world” in rolling out its crypto services.