Bitpanda offers over 500 cryptos in UK after FCA approval

Bitpanda, an Austria-based cryptocurrency platform, is set to broaden its services in the United Kingdom, having secured approval from the Financial Conduct Authority (FCA).

The FCA's decision allows Bitpanda to provide UK investors access to a wide array of digital asset products.

The approval enables the platform to offer over 500 crypto assets to UK investors, marking the most extensive range available in the country.

This development follows Bitpanda's acquisition of a Markets in Crypto-Assets Regulation (MiCAR) license from Germany’s Federal Financial Supervisory Authority (BaFin), a framework designed to regulate digital asset service providers across the European Union.

According to Bitpanda Deputy CEO Lukas Enzersdorfer-Konrad, the company currently lists well over 500 cryptocurrencies, making it the broadest range available to UK investors.

The approval also allows Bitpanda to provide UK investors with a variety of crypto services, including staking, savings plans, and crypto indexes.

Bitpanda temporarily halted onboarding new UK users in 2023 in response to the FCA's stricter Financial Promotions Regime.

Existing customers were able to continue using their accounts.

"With this new approval for brokerage services, we will be able to offer access to over 500 cryptocurrencies as well as staking, savings plans and other services," Enzersdorfer-Konrad stated.

Bitpanda has been a registered crypto custody provider for business clients in the UK since 2021.

"Being Europe’s leading crypto platform means being in the UK—there was no question about it," commented CEO and Co-Founder of Bitpanda, Eric Demuth.

"This was the last missing piece to truly serve all Europeans. Now, our focus is clear: deliver a product that meets the needs of UK investors. We’re ready to welcome British investors and take Bitpanda to the next level," he added.

To bolster its UK presence, Bitpanda intends to establish a permanent office and expand its local workforce to develop products tailored to the UK market.

According to Enzersdorfer-Konrad, Bitpanda’s UK crypto offering will align with that in the EU.

However, Bitpanda will not offer Tether's USDt to its clients in the UK or the EU, in compliance with MiCA.