Bitpanda’s Daring Adventure: A Crypto Tale of Expansion and Approval! 🚀

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In a most delightful turn of events, the Austrian cryptocurrency platform, Bitpanda, has embarked upon an ambitious venture to extend its reach into the fair lands of the United Kingdom, having secured the esteemed regulatory approval from the Financial Conduct Authority (FCA). One might say, it is akin to a young lady receiving a most favorable proposal! 💍

With great pride, Bitpanda has announced its newfound ability to offer a veritable cornucopia of over 500 crypto assets to the discerning investors of the UK. As the deputy CEO, Mr. Lukas Enzersdorfer-Konrad, so eloquently stated, “We currently have well over 500 cryptocurrencies listed on Bitpanda, which will make it the broadest range available to UK investors.” One can only imagine the excitement this must inspire! 🎉

Moreover, this approval bestows upon Bitpanda the privilege of providing a plethora of crypto services, including staking, savings plans, and crypto indexes. How very modern! One might even say it is a financial revolution worthy of a novel! 📚

Bitpanda’s Temporary Retreat from the UK Market

However, dear reader, let us not forget that Bitpanda’s expansion is a significant milestone, particularly after it found itself in a rather precarious position, having temporarily halted the onboarding of new users in the UK in the year of our Lord 2023. This suspension was a direct consequence of the FCA’s newly imposed and rather stringent Financial Promotions (FinProm) Regime, which came into effect in October 2023. A most unfortunate turn of events, indeed! 😅

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“Since then, existing customers have been able to continue using their accounts,” Mr. Enzersdorfer-Konrad remarked, adding with a hint of optimism:

“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.”

It is worth noting that Bitpanda has been a registered crypto custody provider for business clients in the UK since the year 2021, maintaining a local team, which is rather commendable! 👏

Bitpanda’s Offerings: A Harmonious Accord with the EU Market

Bitpanda’s recent FCA approval in the UK follows closely on the heels of its acquisition of a license under the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework on the 23rd of January. This license permits Bitpanda to operate across all 27 EU member states under a unified regulatory regime, which is quite the feat! 🎩

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According to Mr. Enzersdorfer-Konrad, the offerings available to UK investors shall mirror those in Europe. “Our range is constantly expanding, with over 100 new coins listed last year alone,” he declared, adding with a touch of humor:

“While we’ll always look to provide the best possible range of cryptocurrencies to our users, there are no plans currently to list UK-specific coins. Therefore, our crypto offer in the UK won’t differ from that in the EU.”

In light of compliance with MiCA, several exchanges, including Coinbase, Crypto.com, and Kraken, have taken the rather drastic step of delisting certain tokens, including Tether’s USDt (USDT), the largest stablecoin on the market. A rather scandalous affair, if one may say so! 😲

Alas, Bitpanda will not be offering USDt to its clients in the UK or the EU, as a spokesperson has confirmed. One can only wonder what the future holds for this ever-evolving landscape of cryptocurrency! 🌍

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2025-02-12 12:22