Fintech company Banxa is the first to be granted a crypto license in the UK in 2024
This will allow the platform to provide crypto services to local customers
13.02.2024 - 15:10
199
1 min
0
Last updated on Aug 5, 2024
What’s new? Fintech company Banxa, the British subsidiary of payment infrastructure provider Banxa (BNXA), has become the first company to join the UK Financial Conduct Authority’s (FCA) cryptocurrency register in 2024. The license will allow the platform to provide cryptocurrency services to local customers.
Information on the FCA website
What else is known? Crypto companies wishing to market their services to customers in the UK must either be registered with the FCA or obtain permission to conduct such activities from an authorized firm.
Firms must ensure that their advertising is clear and not misleading, as well as adequately informing consumers about the risks involved in investing.
Industry representatives said that complying with these requirements was difficult and costly. Crypto exchanges Binance and Bybit suspended operations in the country after they came into force.
In 2023, the FCA approved only 4 out of 28 applications from companies to be authorized to provide crypto services. Interactive Brokers, crypto exchange Bitstamp, crypto custodian Komainu, and payment company PayPal were granted licenses.
What is known about Banxa? The platform provides fiat payment processing services for customers of cryptocurrency exchanges, including Binance and OKX (neither of which has the FCA license), and handles identity verification and transactions.
In August, MetaMask wallet developers partnered with Banxa to launch an instant cryptocurrency purchase feature via Apple Pay.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$97 248
BTC
+0.25%
-
Ethereum
$3 284.94
ETH
-1.7%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.42
XRP
+26.22%
-
Dogecoin
$0.394535
DOGE
+1.96%
-
Cardano
$0.892879
ADA
+13.28%
-
Bitcoin Cash
$473.9
BCH
-2.75%
-
Stellar XLM
$0.296893
XLM
+22.57%
-
Polkadot
$6.11
DOT
+4.5%
-
Litecoin
$88.49
LTC
-1.01%