TORONTO,
ON and MELBOURNE,
Australia, Feb. 13, 2024 /CNW/ - 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