Binance Payments Partner Banxa Makes Debut on UK Crypto Register
The Financial Conduct Authority (FCA) added another crypto-focused firm to its famous crypto register on February 9. This time, it is Banxa—the international fiat-processing payment company.
The UK arm of the international payment infrastructure company Banxa (BNXA) has received the green light from the UK’s FCA. Making its debut last week, Banxa UK has now been added to the FCA’s crypto register.
According to the FCA’s website, Banxa UK is registered to perform certain crypto asset activities under its virtual asset service provider (VASP) licensing regime. This way, BNXA will now be able to provide crypto-related services to its UK clients.
BNXA UK VASP joins FCA's crypto register, offering services to UK clients. Provides fiat-processing for Binance, OKX users. Compliance reshapes industry. #Cryptocurrency #FCA @binance @okx pic.twitter.com/g4cuTDZORC
— Eve (@evelumia) February 13, 2024
As part of the registration procedure, BNXA must perform anti-money laundering (AML) checks when onboarding new customers. This process, known as know-your-customer (KYC), helps businesses carve out bad actors who want to access their platforms for illicit activities.
Additionally, the FCA register noted down Brinda Paul’s email address in the contact field. Paul served as the director of compliance for Australian-based Banxa company in a former capacity. This indicates that Paul will be serving as the head of Banxa UK.
Banxa provides fiat-processing services for many top crypto exchanges, including Binance and OKX. The platform lets users buy and sell digital assets using regular fiat currencies like the Great Britain Pound Sterling (GBP).
While Banxa UK’s regulatory approval advances its crypto services, its service partners face major
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