Bitpanda Receives FCA Approval to Resume UK Expansion Plans

2 min

Austrian crypto platform Bitpanda has received approval from the Financial Conduct Authority (FCA) in the UK, allowing it to resume its expansion plans halted in 2023. This approval enables access for UK investors to over 500 crypto assets, alongside services like staking, savings plans, and crypto indexes.

Regulatory Background

Bitpanda operated as a registered crypto custody provider in the UK since 2021.
The introduction of FCA's Financial Promotions (FinProm) Regime in October 2023 led to a pause in onboarding new UK users.
Existing customers maintained access to their accounts during this period.
Bitpanda adjusted its operations to comply with the new regulations without abandoning its expansion goals.
On January 27, Bitpanda secured a license under the EU's Markets in Crypto-Assets Regulation (MiCA), enabling operation across 27 EU member states.

Crypto Offerings

Bitpanda’s UK offerings will mirror those in Europe without introducing UK-specific coins.
This approach aims to maintain compliance with MiCA, similar to actions taken by platforms such as Coinbase, Crypto.com, and Kraken.

With this regulatory approval, Bitpanda seeks to enhance its competitive position in the UK crypto market while ensuring compliance.