BNXA UK VASP is the first company to be added to the Financial Conduct Authority’s cryptocurrency register this year.
- BNXA UK VASP entered the United Kingdom’s Financial Conduct Authority’s cryptocurrency register on Friday.
- Being listed on the FCA Cryptocurrency Register means the company can now serve UK clients.
The UK subsidiary of payments infrastructure provider Banxa (BNXA) on Friday became the first company to join the Financial Conduct Authority’s cryptocurrency register in 2024.
Being added to the regulator’s list allows BNXA UK VASP to offer crypto services to U.K. clients. The company’s general manager, Brinda Paul, was until February the compliance director for Melbourne, Australia-based Banxa, which is listed on the Toronto Stock Exchange, according to her LinkedIn profile.
Banxa provides fiat processing services to clients of cryptocurrency exchanges such as Binance and OKX (neither of which has FCA crypto approval), handling identity verification and transactions.
Companies that wish to publish promotions to UK customers need to register with the FCA or get their promotions approved by an authorized firm. However, registration does not automatically mean that a company has the right to approve promotions from other companies. Some unregistered companies have had to respond to these regulations by withdrawing services from certain customers. For example, Binance decided to stop accepting new UK customers and had difficulty finding qualified companies to approve its ads.
Banxa had not responded to a request for comment by press time.