BNXA UK VASP has successfully joined the U.K. Financial Conduct Authority’s crypto register, granting them the ability to cater to U.K. clients. This achievement marks them as the inaugural company to be added to the Financial Conduct Authority’s crypto register in 2024.
The registration allows BNXA UK VASP, as an affiliate of Banxa, to deliver crypto services to U.K. clients. Notably, the company’s general manager, Brinda Paul, previously served as the director of compliance at Banxa in Melbourne, Australia. Banxa specializes in providing fiat-processing services for customers of prominent crypto exchanges such as Binance and OKX, despite the absence of FCA crypto approval for both exchanges.
It’s crucial for companies seeking to target U.K. customers with promotions to either be registered with the FCA or have their promotions endorsed by an authorized firm. Even with registration, firms do not automatically gain the authority to approve other companies’ promotions. Consequently, some unregistered firms have had to cease serving certain clients to comply with the regulations. For example, Binance opted to halt onboarding new U.K. clients and encountered difficulties in finding eligible firms to approve its advertisements.
As of the time of publication, Banxa has yet to provide a comment on the matter.
For a deeper understanding of the reasons behind certain crypto firms suspending services in the U.K., please refer to our article: “Why Some Crypto Firms Are Suspending Services in the U.K.”
This development in the U.K. crypto space reflects the evolving regulatory landscape and the challenges and opportunities it presents for companies operating in the cryptocurrency industry.
