TLDR
- Bitpanda is cleared by the FCA to introduce its extensive cryptocurrency options, more than 500 in total, to the UK market.
- The company anticipates the launch of a new London hub as it seeks to broaden its reach among British investors.
- Bitpanda's platform is equipped with various regulatory licenses including MiCAR from the German BaFin and MiFID II.
- Bitpanda Technology Solutions collaborates with major European banks such as LBBW and N26.
- The platform already delivers its services to over 6 million users across Europe.
The European cryptocurrency platform Bitpanda, already serving more than six million users, has received an endorsement from the UK's FCA to broaden its market, offering its diverse portfolio of over 500 cryptocurrencies to British clients.
Based out of Vienna, Bitpanda is gearing up to onboard UK users shortly, with plans to set up a dedicated office in London in line with its growth strategy within the UK.
Approval from the FCA marks a critical advancement for Bitpanda's objectives in Europe, strengthening its regulatory credentials which include a MiCAR license from BaFin and PSD2 E-money authorization.
Eric Demuth, Bitpanda’s CEO and Co-Founder, highlighted the pivotal role the UK plays in the firm's expansion strategy.
“To stand out as Europe's leading crypto platform, establishing a presence in the UK was essential – it was the final step to truly serve all of Europe,” Demuth remarked.
The platform’s UK offering Service offerings will encompass cryptocurrency staking, savings plans, and crypto indices, crafted to offer UK investors a well-rounded suite of digital investment opportunities.
Bitpanda's entry into the UK comes after an extensive period focused on regulatory adherence. The firm holds VASP registrations across several markets, positioning itself as a regulated and compliant digital asset platform.
Lukas Enzersdorfer-Konrad, Bitpanda's Deputy CEO, accentuated the UK's status as an eminent financial arena.
“The UK stands as one of the preeminent financial centers globally, hosting numerous innovative businesses and a flourishing cryptoasset segment,” he commented.
Beyond services focused on consumers, Bitpanda runs a business venture named Bitpanda Technology Solutions (BTS), which offers digital asset services to institutional clientele.
BTS has partnerships with several major European financial entities, including LBBW, the largest bank in Germany, Raiffeisen Banking Group from Austria, and the acclaimed neobank, N26.
The technological division is now set to extend its offerings to banks within the UK, empowering them to incorporate regulated crypto trading, investment, and custody solutions via Bitpanda’s framework.
The platform’s technology facilitates diverse financial institutions in providing digital asset services. Utilizing the BTS infrastructure, banks, FinTechs, and online platforms can offer trading and custody facilities for Bitpanda's digital assets.
FCA's approval enriches Bitpanda's regulatory framework. Through a robust regulation-first philosophy, the company fortifies trust with users and financial establishments.
The company is aiming to fine-tune its products to cater specifically to UK clientele, a move designed to address the distinct needs of the British market while adhering to local compliance mandates.
UK investors will gain access to an expansive selection of digital currencies, touted by Bitpanda as the most comprehensive offering currently available, with over 500 cryptocurrencies to explore.
