The FCA’s website states that the firm is registered “for certain crypto asset activities.” However, PayPal has requirements and restrictions “imposed on the financial services activities that the company may engage in.”
PayPal clarified that the FCA has approved PayPal as a company that operates in the field of electronic finance and consumer lending. The company also received a license to work with crypto assets.
This means that from 1 November PayPal UK customers will be transferred to the new PayPal UK division. They were previously linked to PayPal Europe, which served UK customers.
“PayPal continues to offer the same products and services to customers in the UK,” the company said.
The day before, PayPal received a subpoena from the enforcement division of the US Securities and Exchange Commission (SEC) regarding its stablecoin PayPal USD (PUSD), launched in early August.
Additionally, PayPal filed a patent application for NFT trading in March. The application is still pending.
Source: Bits
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