PayPal CEO, Dan Schulman
Source: Dan Schulman/Twitter
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  • Fintech giant PayPal will soon allow its UK users to buy and sell cryptocurrencies via its app or website
  • The global payments provider announced it will allow its customers to trade Bitcoin using their PayPal accounts from this week
  • Customers are also able to trade three other types of cryptos — including Ethereum, Litecoin and Bitcoin Cash — with transaction fees to apply
  • PayPal’s cyrpto service is already available in the US and the company says it’s excited to offer UK customer a chance to safely trade the currency
  • UK’s financial regulator has previously cracked down on cryptocurrency services operating in the country, including leading exchange Binance

Fintech giant PayPal will soon allow its UK users to buy and sell cryptocurrencies via its app or website.

The global payments provider announced the news on Tuesday, stating it would allow its customers to buy, hold and sell Bitcoin from this week.

UK customers will also be able to trade three other types of cryptos — including Ethereum, Litecoin and Bitcoin Cash — using their PayPal accounts.

Under PayPal’s new offering, UK users won’t be charged to hold any of the four cryptocurrencies.

However, the company said fees would apply for transactions and currency conversions once users began trading.

PayPal already offers the cryptocurrency service to its US users, as well as the option to purchase products using the currency.

Vice President and General Manager of Blockchain, Crypto and Digital Currencies  Jose Fernandez da Ponte said the new service would allow UK users to safely explore the world of crypto.

“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency,” he said.

“We are committed to continue working closely with regulators in the UK, and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”

The UK’s financial regulators have previously expressed concern about non-authorised companies offering crypto services in the region.

The Financial Conduct Authority (FCA) also banned Binance, one of the world’s largest cryptocurrency exchanges, stating it wasn’t allowed to conduct any regulated activity in the UK.

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