Investment Platform Ig Wins Fca Approval For Crypto License, Expands Uk Offering

What Happened

The move paves the way for an expanded set of crypto services on its platform, IG said. The company, best known for its retail trading and investment products, initially rolled out crypto trading in June through a partnership with Uphold while its own application was under review.

“This marks a significant step forward for IG as we continue to broaden our offering for U.K. investors,” said Michael Healy, IG’s U.K. managing director, in the release. “The FCA license not only enables us to provide a wider range of crypto services, but it also gives our customers greater flexibility and control.”

Market Context

With full FCA approval, the company will soon allow customers to transfer digital assets directly in and out of the IG platform, access new trading features, and benefit from a broader range of tokens with improved pricing.

With crypto now joining IG’s existing suite of markets, including stocks, indices, exchange-traded funds (ETFs), forex, commodities and derivatives, the platform is positioning itself as a one-stop shop for retail traders looking to diversify across asset classes without managing multiple accounts.

Why It Matters

IG Group (IGG) secured a crypto asset license from the U.K.’s Financial Conduct Authority (FCA), becoming the first London-listed firm to join the regulator’s crypto register, the company said in a press release Tuesday.

Existing crypto users will be migrated to IG’s native platform in the coming weeks.

Details

Shares in the company rose 1.23% to 10.74 pounds ($14) as of early afternoon in London.

Read more: IG Group Buys Majority Stake in Australian Crypto Exchange Independent Reserve for $72M