Baanx receives FCA-UK approval to undertake full crypto asset activities

CryptoNinjas January 6, 2022
Updated 2022/01/06 at 1:58 AM
2 Min Read

Baanx, a cryptocurrency platform technology provider, has now announced success in obtaining full cryptoassets registration approval from the UK’s FCA.

The company is now one of the first UK-based companies to receive approval from the UK Financial Conduct Authority (FCA) as registered as a crypto asset business under the Money Laundering, Terrorist Financing, and Transfer of Funds (Information of the Payer) Regulations 2017 (MLR 2017).

For Baanx, this FCA license allows the company to enhance its current services by providing secured ‘Cryptodraft’ swap products to users which enables experienced cryptocurrency holders to get funding from 0% APR, enabling 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 Baanx’s native BXX token then you can, in the near future, be able to also have a 0% APR Cryptodraft up to a 50% LTV.

“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, which 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.”
– Garth Howat, Founder & CEO of Baanx 

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