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Banxa, Payments Partner for Binance and OKX, Lands on UK Crypto Register
BNXA UK VASP is the first firm to land on the Financial Conduct Authority's crypto register this year.
Updated Mar 8, 2024, 9:27 p.m. Published Feb 13, 2024, 12:38 p.m.
- BNXA UK VASP entered the U.K. Financial Conduct Authority's crypto register on Friday.
- Landing on the FCA crypto register means the firm can now serve U.K. clients.
The U.K. affiliate of payments infrastructure provider Banxa (BNXA) on Friday became the first company to join the Financial Conduct Authority's crypto register in 2024.
Being added to the regulator's list allows BNXA UK VASP to provide crypto services to U.K. clients. The company's general manager, Brinda Paul, was until February also the director of compliance at Melbourne, Australia-based Banxa, whose shares trade on the Toronto Stock Exchange, according to her LinkedIn profile.
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Banxa provides fiat-processing services for customers of crypto exchanges including Binance and OKX – neither of which has FCA crypto approval – handling identity verification and transactions.
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Companies wishing to issue promotions to U.K. customers need to either be registered with the FCA or get their promotions approved by an authorized firm. Being registered, however, doesn't automatically give firms the right to approve other companies' promotions. Some unregistered firms had to respond to the rules by withdrawing services from certain clients. Binance, for example, decided to stop accepting new U.K. clients and has faced trouble finding eligible firms to approve its ads.
Banxa had not responded to a request for comment by publication time.
Read more: Why Some Crypto Firms Are Suspending Services in the U.K.
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CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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