As per the latest reports, PayPal has made an announcement for its customers/users based in the United Kingdom. The online payment services giant has announced that it has successfully concluded the rollout for crypto-trading services in the United Kingdom.
The firm has announced that all users in the United Kingdom, eligible for access to crypto-trading will now have the service integrated into their PayPal profiles. The announcement in regards to the completion of the crypto-trading rollout in the UK was made by PayPal on Friday, September 17, 2021.
Following the completion of the crypto-trading service rollout, the users based in the United Kingdom would now be able to buy, sell, and hold cryptocurrencies. They will be able to hold the cryptocurrencies right in their PayPal accounts.
PayPal has announced that for now, the users in the United Kingdom would have access to four major cryptocurrencies for trading. The cryptocurrencies include Bitcoin Cash (BCH), Litecoin (LTC), Ether (ETH), and Bitcoin (BTC).
PayPal has announced that as it is now offering cryptocurrency trading services, it is also expected to be fully adherent to the KYC and AML policies. The firm has announced that it has always acted and operated within the jurisdictions and the regulatory guidelines of policies implemented by its respective regulators.
In the light of the above, PayPal will fully adhere to the KYC and AML policies. According to PayPal, the cryptocurrency trading service will be available for specific kinds of users on its platform. The firm has revealed that only users with verified profiles on PayPal will have access to cryptocurrency trading assets.
The firm has announced that if any user wishes to trade cryptocurrencies through their platform need to verify their identity. Once they have gone through the identity verification checks, they can proceed with trading in cryptocurrencies, given they are based in the UK.
It was at the beginning of August 2021, when PayPal had announced that it was planning to expand its crypto-trading services outside of the USA. It only took PayPal a few weeks coming up with another announcement about expanding its crypto-trading services to the United Kingdom.
Therefore, the integration of the crypto-trading services by PayPal in the United Kingdom started taking place by the end of August 2021. With PayPal’s crypto-trading service being launched, the United Kingdom has become the second country with PayPal’s trading service for cryptocurrencies.
Apart from confirming the successful rollout of crypto-trading in the UK, the PayPal spokesperson also made another statement. He stated that they are going to monitor their new service for UK-based users. They are going to monitor the trades, buys, and sells for cryptocurrencies in the UK market.
They are also aiming to launch new features and functionalities for the US and UK-based users performing trades in cryptocurrencies.