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Banxa’s U.K. affiliate became the inaugural company in 2024 to be listed on the Financial Conduct Authority’s (FCA) crypto register.
This registration enables BNXA UK VASP to offer crypto services within the region. Brinda Paul, the company’s general manager and former director of compliance at Banxa, leads the firm’s efforts to align with U.K. regulations.
Banxa offers fiat-processing services to cryptocurrency exchanges, including Binance and OKX, which have yet to receive crypto approval from the FCA.
The firm plays a significant part in supporting these exchanges by managing identity verification and transaction processes, helping to ensure they adhere to regulatory requirements.
The FCA’s registration requirement is part of broader regulations to ensure companies promoting financial products to U.K. customers are either registered or have their promotions approved by an authorized firm.
The move has led some unregistered entities, including Binance, to alter operations in the U.K., such as halting the acceptance of new clients and facing challenges in advertisement approvals.