UK Crypto Register Welcomes Banxa, Payments Partner of Binance and OKX

Crypto News- Banxa’s U.K. arm marked a significant milestone on Friday as it clinched the title of being the inaugural company to join the Financial Conduct Authority’s crypto register in 2024. This accolade now permits BNXA UK VASP to extend crypto-related services to clients in the U.K.

At the helm of this achievement is Brinda Paul, the company’s General Manager. Notably, Paul, up until February, held the position of Compliance Director at Banxa, headquartered in Melbourne, Australia, and listed on the Toronto Stock Exchange. Her professional journey underscores Banxa’s commitment to regulatory compliance and operational integrity.

UK Crypto Register Welcomes Banxa, Payments Partner of Binance and OKX

Banxa specializes in fiat-processing services, catering to the clientele of major crypto exchanges such as Binance and OKX. While both exchanges lack FCA crypto approval, Banxa serves as a critical intermediary, streamlining identity verification and facilitating transactions seamlessly.

The FCA’s registration requirement not only underscores regulatory adherence but also serves as a prerequisite for companies intending to target U.K. customers with promotional activities. Compliance is paramount, with firms needing either FCA registration or approval from an authorized entity for their marketing endeavors. However, registration alone doesn’t confer the authority to greenlight promotions for other entities. In light of these stringent regulations, certain unregistered firms had to recalibrate their strategies, with some opting to withdraw services from specific client segments.

Binance, for instance, responded by suspending new client onboarding in the U.K., grappling with the challenge of securing endorsements from eligible entities for its advertisements. These developments underscore the evolving regulatory landscape shaping the crypto industry’s trajectory in the U.K.