Adding it to the regulatory list allows BNXA UK VASP to offer crypto services to UK clients. The company's managing director, Brenda Ball, was until February also director of compliance at Banksa, based in Melbourne, Australia, whose shares trade on the Toronto Stock Exchange, according to her LinkedIn profile.
Banxa provides fiat processing services to clients of cryptocurrency exchanges including Binance and OKX — neither of which have FCA approval for cryptocurrencies — where they handle identity verification and transactions.
Businesses wishing to issue promotions to UK customers must either be registered with the Financial Conduct Authority (FCA) or have their promotions approved by an approved company. However, registration does not automatically give companies the right to approve other companies' promotions. Some unregistered companies have been forced to respond to the rules by withdrawing services from some customers. For example, Binance decided to stop accepting new clients in the UK and had difficulty finding qualified companies to approve its ads.
Banksa did not respond to a request for comment by press time.
