OANDA Europe, the UK-based subsidiary of the OANDA brokerage group, has released its financial results for the fiscal year ending 2023. The company reported a turnover of £16.32 million, a slight decline from £16.85 million in the previous fiscal year.

“Despite lower market volatility in 2023, the Company achieved similar financial performance to 2022 due to improvements in client acquisition and retention,” the Companies House filing of the firm stated.

Financial Performance Overview

Net profit for the fiscal year was £127,831. This represents a significant decrease compared to the prior year's net profit of £558,492. The profit before tax also fell from £704,581 in the previous year to £227,336.

Administrative expenses for OANDA Europe totaled £16,585,444 in fiscal year 2023. This figure reflects the company's continuous operational costs and represents a key component of its overall financial performance.

In light of these results, the company has expressed confidence in its future operations: “The directors have confidence that the Company has adequate resources to continue operations for the foreseeable future and for a period of twelve months from the date when the financial statements are authorized for issue.”

“Accordingly, the Company continues to adopt the going concern basis in preparing the annual report and financial statements,” the filing added.

OANDA Expands into UK Cryptocurrency Market

Earlier, US-based forex broker OANDA launched OANDA Crypto, a new cryptocurrency trading platform in the United Kingdom, as reported by Finance Magnates. The platform is registered with the Financial Conduct Authority (FCA Financial Conduct Authority (FCA) The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol The Financial Conduct Authority (FCA) is the largest financial regulator for all financial markets in the United Kingdom (UK).The UK regulator is responsible for the conduct of firms authorized under the Financial Services and Markets Act 2000. Moreover, the FCA is also responsible for the regulation of behavior in retail and wholesale financial markets, supervision of the trading infrastructure that supports those markets, and the prudential regulation of firms not regulated by the PRA. Its rol Read this Term) and will provide various cryptocurrency trading options for British investors.

This launch follows OANDA's acquisition of a majority stake in FCA-registered crypto firm Coinpass last year, allowing the company to enter the expanding UK crypto market, which has seen increased interest.

OANDA Crypto will enable trading in over 63 cryptocurrency pairs, including major digital assets like Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, Ether, and Ripple. The company plans to add more tokens and features throughout the year to meet the changing needs of crypto traders.