Baanx has received FCA approval to undertake crypto asset activities
By Joy Dumasia
Baanx has received full cryptoassets registration approval by the FCA. The FinTech that has seen massive growth in the last year has become one of the first UK based FinTech companies to receive approval from the UK Financial Conduct Authority (FCA) by being registered as a crypto asset business under the Money Laundering, Terrorist Financing and Transfer of Funds (Information of the Payer) Regulations 2017 (MLR 2017).
Baanx, who has recently announced its partnership with Ledger and has already seen over 150,000 on the waitlist in 14 days, sees this as a critical milestone for the business strategy to provide compliant and secure crypto assets to its A-list clients in the crypto field.
Chief Compliance Officer Mark Evans mentions: “In order to obtain this registration, we have worked closely with the FCA following the highest possible standards, to ensure that our top tier clients’ users will have the assurance needed for the compliance of their assets.”
The FCA license approval allows the company to enhance its current services by providing secured cryptodraft “better than a loan” crypto-swap products to users, enabling experienced cryptocurrency holders to get funding from 0% APR, allowing them to spend against their collateral easily. In short, if you stake 1 bitcoin at $50,000, you can get $5,000 of USDT at 0% APR; if you hold BXX, then you can, shortly, be able also to have a 0% APR Cryptodraft up to a 50% LTV.
Garth Howat, Founder and CEO of Baanx, adds: “Baanx is a global leading FinTech platform trusted by international clients like Ledger and Tezos. The FCA approval marks another milestone of our continued success in providing leading services that disrupt the FinTech and banking ecosystem. Following our recent announcement, Baanx is currently working with Ledger on providing cryptodraft services to the Ledger community with a Q1 rollout across many key countries in the EEA and parts of the US. The CL card platform, powered by Ledger, will initially support BTC, ETH, USDT, EURT, USDC, XRP, BXX, BCH and LTC. In the next couple of weeks, we’re also launching our next partnership with Tezos, that will also offer cryptodraft to the Tezos community. This will be an exciting opportunity for BXX token holders as we drive greater utility into the token with the Cryptodraft product.”