Paypal Gets UK Approval to Offer Crypto Services
PayPal gets U.K. approval for crypto services but faces some limits. Customers can hold and sell, but new offerings are restricted for now.
Big payment company PayPal is now approved by the U.K. Financial Conduct Authority to offer crypto services. This means PayPal UK Limited can do some activities with cryptocurrencies. Every company that wants to provide crypto services in the U.K. needs this approval and must follow rules to stop illegal money actions.
The U.K. register says PayPal has some rules about its crypto services. They can't add more customers for now, and current customers can only hold and sell crypto.
Also, PayPal can't offer more types of crypto services. This means they can't do things like crypto exchanges, new coin offers, or lending with crypto.
Now, with this approval, PayPal can also share its own crypto announcements despite the recently imposed rules on crypto marketing. Earlier in August, PayPal stopped crypto buying in the U.K. for a short time to match new rules.
