Baanx approved by UK regulator to operate crypto assets

The global infrastructure provider recently announced the launch of the Crypto Life (CL) debit card in collaboration with Ledger

Cryptocurrency technology provider Baanx has now joined the list of the first few entities in the UK to receive approval from the Financial Conduct Authority (FCA). The firm can now legally operate as a crypto asset business as required by The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

“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,” Mark Evans, the Chief Compliance Officer at Baanx, explained.

Thanks to the FCA licence, Baanx will now expand the breadth of services it offers its clients as it can now provide secure swap products under Cryptodraft. With the new additions, crypto holders will be able to collateralize their spending. This is more so an important milestone as the firm recently announced a partnership with Ledger.

Its partnership with Ledger saw the launch of a Crypto Life (CL) debit card, which the company said would be operated (deposits and management) via the Ledger Live App. Users will access liquidity and establish stablecoin credit backed with crypto as collateral at a rate starting at 0% APR. The waitlist set up is slowly bulking up, with over 150,000 consumers.

Garth Howat, the founder and chief executive of Baanx, lauded the crypto security infrastructure company’s latest milestone as one that shows continued success as a disruptor of the financial technology world. He noted that the initiatives his company is launching, more so the CL Card, are all on the path towards expanding the utility of the native BXX token.

Crypto.com is the latest victim in the UK ASA ad-banning spree

The UK Advertising Standard Authority (ASA) has added Crypto.com to the list of exchanges and entities that have seen advertisements barred by the regulator. The ASA ordered Crypto.com to stop showing two mobile ads that promoted the ease of buying crypto and suggested ease in reaping yield on digital assets.

According to the regulator, the exchange had failed to clearly show the potential users the risks involved with the advertised products. Further, the crypto entity stands accused of not specifying the limitations of acquiring crypto using credit cards and taking advantage of the target consumers’ lack of understanding of the market.

Other top-ranking crypto trading platforms that have previously been banned include Coinbase and Kraken. Though Crypto.com has already settled the matter and withdrew the adverts, it has taken issue with the ASA, defending its marketing ads to have not violated the said regulations.

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