Banxa Becomes First Company Listed on FCA Crypto Register
Banxa’s U.K. affiliate has achieved a significant milestone by becoming the first company to be listed on the Financial Conduct Authority’s (FCA) crypto register in 2024. This registration allows BNXA UK VASP to offer crypto services within the region, with Brinda Paul leading the company’s compliance efforts.
Banxa is known for providing fiat-processing services to cryptocurrency exchanges like Binance and OKX, which are still awaiting approval from the FCA. By managing identity verification and transaction processes, Banxa helps these exchanges comply with regulatory requirements.
FCA Registration Requirement and its Impact
The FCA’s registration requirement is part of broader regulations aimed at ensuring companies promoting financial products to U.K. customers are either registered or have their promotions approved by authorized firms. This move has prompted unregistered entities like Binance to make operational changes, including halting new client acceptance and facing challenges in advertisement approvals.
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