OANDA UK reports stable financials despite relocating EU clients

abdelaziz Fathi

The UK business of Canada-headquartered broker, OANDA, reported its financial results for the fiscal year ending December 31, 2022. The multi-asset platform, trading in the UK as OANDA Europe, had seen mixed results in a couple of key areas over a yearly basis.

In particular, OANDA reported annual revenue of £16.85 million, which was slightly lower than the previous year’s revenue of £16.88 million. The operating profit before tax rose from £474,824 to £704,581, primarily due to increased interest receivable and income it earned from a legal settlement.

The company attributed the slight increase in net profit to several factors, including higher market volatility, which had a positive impact on revenues. It came despite a reduction in active clients, primarily due to EU27 clients being onboarded to a separate OANDA entity that UK NTAs do not outweigh, resulting in a lower volume of transactions.

OANDA’s EU-based operations are now run from Warsaw, Poland, under the financial regulatory authority of KNF, the Polish Financial Supervision Authority (PFSA). The broker closed its operations under the Maltese license, which operates under the brand name OANDA Europe Markets Ltd (“OEML”), in March. OEML’s clients were then transferred to OANDA TMS, which is supervised by the Polish Financial Supervision Authority.

OANDA set up its shop in Malta three years ago when it was ratcheting up its preparation for Britain’s exit from the Europe Union. The multi-regulated broker secured the regulatory approvals for its European subsidiary in Malta. At the time, OANDA has given clients of its UK entity, OANDA Europe Limited (OEL), the option to be moved to its Maltese subsidiary or opt-out and continue staying with the FCA-regulated firm.

OANDA made headlines in August when it acquired a majority stake in British cryptocurrency exchange Coinpass, which holds approval to operate a registered cryptoassets firm with the UK Financial Conduct Authority.

Coinpass offers a platform for retail investors, professional traders, and businesses to invest and trade in cryptocurrencies. They provide access to various products, including fiat/crypto, crypto/crypto, and stablecoin pairs through their in-house technology solutions.

This acquisition will complement OANDA’s existing portfolio, which includes offering a broad range of CFD instruments like indices, forex, commodities, metals, and bonds. By teaming up with Coinpass, OANDA bolsters its cryptocurrency trading offering in the UK market, providing retail customers with a regulated way to tap into the digital economy.

Interestingly, the acquisition positions OANDA in the FCA-regulated crypto exchange space, as Coinpass holds this distinction. This move aligns well with the growing trend of increased cryptocurrency ownership in the UK, which more than doubled in the previous year, as revealed by the FCA’s consumer survey conducted in June 2023.

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