Keeping up with regulations
PayPal, the popular payments platform, is making some changes to its cryptocurrency offering in the United Kingdom to comply with local financial regulations. As a result, PayPal will temporarily halt the ability for its UK customers to buy cryptocurrencies like Bitcoin starting from October 1, 2023. However, customers who currently hold crypto on the platform can keep it and sell it at any time, according to a statement from a spokesperson for PayPal UK. The company expects to enable crypto purchases again in early 2024.
Responding to new rules
PayPal's decision to pause crypto purchases in the UK is in response to new regulations from the Financial Conduct Authority (FCA), which require crypto firms to take additional steps before clients can buy cryptocurrency. While the company works to satisfy these new regulations, customers will not be able to buy crypto using PayPal, as stated in an announcement.
PayPal's expansion in the crypto space
PayPal has been actively embracing cryptocurrencies and has positioned itself as a crypto-friendly platform in recent years. In August, the company launched PayPal USD (PYUSD) stablecoin and introduced a new cryptocurrency hub feature on its interface. PayPal first introduced its cryptocurrency services in the United States in late 2020.
A slow registration process
The announcement from PayPal comes shortly after the FCA reported that only 13% of the 291 crypto license applicants have been registered with the authority since 2020. The FCA also recently announced that all crypto asset firms must ensure their marketing strategies comply with the financial promotions regime in the UK by October 2023.
Did the NSA create Bitcoin?
In unrelated news, there has been speculation surrounding the creation of Bitcoin. Some conspiracy theories suggest that the NSA had a role in the creation of the world's largest cryptocurrency. While these claims remain unsubstantiated, they continue to spark curiosity and debate among the crypto community.
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