Banxa Holdings Inc. is pleased to announce it is the first firm in 2024 to register as a cryptoasset business with United Kingdom’s Financial Conduct Authority (FCA).
Management believes this is a critical milestone towards “fulfilling Banxa‘s mission to extend the benefits of crypto to every merchant and consumer in the world.”
Brinda Paul, UK Managing Director, who spearheaded the application, said:
“I am incredibly proud to have led this registration process to a successful outcome, especially considering the low approval rate of 7% for FCA registrations in 2023, – only 4 companies received their registration. 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.”
Holger Arians, Chairman and CEO, said:
“The registration with the FCA is a landmark achievement for Banxa. We are joining a few companies, such as Paypal and Bitstamp, that have received this same registration last year. This milestone underscores our unwavering dedication to fortifying our moat in the on/off-ramp market through local licenses and payments. Accessing lucrative markets, such as the UK, underscores our commitment to sustainable growth and creating shareholder value. Banxa is focused on expanding its total addressable markets to regions in line with our partners’ needs, ensuring a deeper relationship with existing partners and expanding our reach for onboarding future partners.”
The UK is one of the largest financial centers globally, and “has high crypto adoption, ranking third globally in crypto volumes from July 2022 to June 2023 at USD$252 billion per Chainanalysis.”
As noted in the update, Banxa’s mission is to “accelerate the world to Web3 with its leading global on-and-off ramp solution.”
Through its extensive network of local payment solutions “paired with the required crypto licenses.”
Banxa provides its partners and projects access “to global audiences with less friction and higher conversions.”
Banxa has a global team of Web3 natives “with operating headquarters in the USA, Europe and APAC regions.”