The Financial Conduct Authority (FCA) has given the multinational payment giant PayPal permission to provide cryptocurrency services in the UK.

Official FCA data indicates that as of October 31, 2023, PayPal is registered to offer “certain crypto asset activities” in the United Kingdom.

The registration states that PayPal is subject to limitations or rules regarding the financial services activity in which it is permitted to engage.

The item on the FCA register states that :-

“this includes, but is not limited to, ceasing on-boarding new customers and restricting existing customers to hold and sell functionality.”

As stated in the registration, “the firm cannot expand its current offering in crypto assets,” which includes peer-to-peer exchange, staking, crypto exchange services, initial coin offerings, and decentralized finance operations like lending and borrowing, among other things.