Banxa First To Join UK Crypto Financial Conduct Authority

A payments infrastructure provider, Banxa (BNXA), achieved a historic milestone in 2024 by becoming the first company to be listed on the Financial Conduct Authority’s (FCA) crypto register.

This registration positions BNXA UK VASP as a pioneer, allowing the firm to provide crypto services in the region. Brinda Paul, the company’s general manager and former director of compliance at Banxa, is spearheading efforts to align with U.K. regulations.

Brinda Paul, UK Managing Director, stated,  “Banxa believes the FCA’s high standards, focusing on robust business models, corporate governance, risk management and compliance validates the Company’s commitment to support cryptoasset adoption and the development of the crypto market in the UK while doing so in a compliant manner.”

Banxa, recognized for facilitating fiat-processing services for major cryptocurrency exchanges such as Binance and OKX, plays a vital role in overseeing identity verification and transaction processes.

This aids the exchanges in complying with regulatory requirements, even as they await crypto approval from the FCA. The FCA’s registration mandate is part of broader regulations aimed at ensuring companies promoting financial products to U.K. customers are registered or have their promotions approved by authorized firms.

This move reflects the growing importance of regulatory compliance in the cryptocurrency sector and marks a significant step forward for Banxa and the U.K.’s crypto landscape.

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2024-02-13 21:56