The UK affiliate of global payments infrastructure provider Banxa marked a notable achievement by becoming the first company to enter the Financial Conduct Authority’s (FCA) crypto register in 2024. This registration enables BNXA UK VASP to extend crypto services to clients across the UK, setting a new benchmark in the regulatory landscape.

Brinda Paul, previously at the helm of compliance for Banxa in Melbourne, Australia, until February, now leads the company’s operations in the UK. Banxa is recognized for its role in facilitating fiat-processing services for the clientele of crypto exchanges like Binance and OKX, which includes handling identity verification and transactions. It’s worth noting that neither Binance nor OKX has secured FCA crypto approval, highlighting the importance of Banxa’s new regulatory status.

Under the FCA’s guidelines, companies aiming to market crypto services to UK customers must either be registered with the FCA or have their promotions approved by an authorized firm. However, being registered does not automatically allow firms to sanction other companies’ promotions. The introduction of these regulations led some unregistered businesses to adjust their operations. For instance, Binance halted the onboarding of new UK clients and faced challenges in finding qualified firms to green-light its advertisements.

With its registration on the FCA’s crypto register, Banxa’s UK branch is now in a position to broaden its service offerings within the UK market, illustrating the evolving dynamics of compliance and service delivery in the cryptocurrency domain.