Coinpass, a cryptocurrency service provider operating in the UK, is legally known as OANDA Coinpass Limited. According to public information from the UK Financial Conduct Authority (FCA), the company has received registration approval, making it a compliant crypto-asset firm.
FCA Registration Details
Coinpass's FCA registration number is 921481, announced on August 31, 2021. This registration was granted under the UK's Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended), primarily focusing on anti-money laundering (AML) compliance for its crypto-asset activities. Under this registration, Coinpass is authorized to conduct the following activities in the UK: crypto-asset exchange provider and custodian wallet provider.
It is important to clarify that this AML-based registration differs from the full financial services authorization issued by the FCA to traditional financial companies. It primarily ensures that the company complies with AML requirements in areas such as customer due diligence and transaction monitoring.
Company Background and Acquisition
Coinpass was founded in 2018 with the aim of providing UK investors with access to digital assets. In August 2023, OANDA Global Corporation, a global forex and CFD broker, announced its acquisition of a majority stake in Coinpass Limited, leading to the company's renaming to OANDA Coinpass Limited.
CEO Jeff Hancock previously stated that obtaining FCA registration is a significant step in connecting the cryptocurrency market with traditional finance and expressed optimism about the future of cryptocurrencies in the UK.
Services and Market Recognition
According to public information, the Coinpass platform offers approximately 18 cryptocurrencies and supports over 50 trading markets. In 2020, the platform was named "Best UK Cryptocurrency Exchange" by industry media CryptoAM.
Investor Information and Regulatory Outlook
Investors who engage with crypto-asset firms registered with the FCA will not be protected by the Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS). This means that if issues arise with the platform, investors may not receive the same level of compensation as those dealing with fully authorized financial institutions.
The UK regulatory environment is still evolving. The FCA has committed to strengthening cryptocurrency regulation and is developing a more comprehensive regulatory framework. Future legislation is expected to expand the scope of regulation, requiring crypto-asset firms to obtain FCA authorization rather than just AML registration.
