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Banxa, Payments Partner for Binance and OKX, Lands on UK Crypto Register

BNXA UK VASP is the first firm to land on the Financial Conduct Authority's crypto register this year.

By Camomile Shumba
AccessTimeIconFeb 13, 2024 at 12:38 p.m. UTC
Updated Mar 8, 2024 at 9:27 p.m. UTC
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  • BNXA UK VASP entered the U.K. Financial Conduct Authority's crypto register on Friday.
  • Landing on the FCA crypto register means the firm can now serve U.K. clients.

The U.K. affiliate of payments infrastructure provider Banxa (BNXA) on Friday became the first company to join the Financial Conduct Authority's crypto register in 2024.

Being added to the regulator's list allows BNXA UK VASP to provide crypto services to U.K. clients. The company's general manager, Brinda Paul, was until February also the director of compliance at Melbourne, Australia-based Banxa, whose shares trade on the Toronto Stock Exchange, according to her LinkedIn profile.

Banxa provides fiat-processing services for customers of crypto exchanges including Binance and OKX – neither of which has FCA crypto approval – handling identity verification and transactions.

Companies wishing to issue promotions to U.K. customers need to either be registered with the FCA or get their promotions approved by an authorized firm. Being registered, however, doesn't automatically give firms the right to approve other companies' promotions. Some unregistered firms had to respond to the rules by withdrawing services from certain clients. Binance, for example, decided to stop accepting new U.K. clients and has faced trouble finding eligible firms to approve its ads.

Banxa had not responded to a request for comment by publication time.

Read more: Why Some Crypto Firms Are Suspending Services in the U.K.

Edited by Sheldon Reback.

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Camomile Shumba
Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Follow @camomileshumba on Twitter

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