Banxa Receives Registration to Operate Fully Standalone in the Attractive UK Market

Rhea-AI Summary

Banxa Holdings Inc. (BNXAF) registers as a cryptoasset business with the UK's FCA, highlighting a significant milestone in expanding crypto adoption. The company aims to provide benefits to merchants and consumers worldwide while emphasizing compliance and robust business practices.

TORONTO, ON and MELBOURNE, Australia, Feb. 13, 2024 /PRNewswire/ - Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") 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.

ABOUT BANXA HOLDINGS INC.

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. For further information go to www.banxa.com.

CONTACTS
Investors: 
Zafer Qureshi
investors@banxa.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

ON BEHALF OF THE BOARD OF DIRECTORS

Per: "Zafer Qureshi"

Zafer Qureshi = Executive Director and Head, Corporate Affairs, +1-888-332-2692

Forward-Looking Information

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements – such as those pertaining to the Company's efforts to build out the crypto market and continue expanding into untapped markets - and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward–looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions.

These forward–looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.

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SOURCE Banxa Holding Inc

FAQ

What is the significance of Banxa Holdings Inc. (BNXAF) registering as a cryptoasset business with the UK's FCA?

Banxa's registration with the FCA marks a crucial step in its mission to promote crypto adoption globally, emphasizing compliance and strong business practices.

Who spearheaded the registration process with the FCA for Banxa Holdings Inc. (BNXAF)?

Brinda Paul, UK Managing Director, led the successful registration process with the FCA for Banxa Holdings Inc.

Which other companies received similar registrations from the FCA last year?

Companies like Paypal and Bitstamp also received registrations from the FCA in the previous year.

What is Banxa Holdings Inc.'s (BNXAF) focus after registering with the FCA?

Banxa aims to expand its market reach, strengthen partnerships, and create shareholder value by accessing lucrative markets like the UK.

How does the UK rank in terms of crypto adoption and volumes globally?

The UK ranks third globally in crypto volumes, with USD$252 billion from July 2022 to June 2023, showcasing high crypto adoption.