The global infrastructure provider recently announced the launch of the Crypto Life (CL) debit card in partnership with Ledger
Cryptocurrency technology provider Baanx has joined the growing list of firms in the United Kingdom to receive approval from the Financial Conduct Authority (FCA). The company can now operate legally as a crypto-asset firm, meeting the requirements of the 2017 regulations on anti-money laundering, counter-terrorist financing and the transfer of funds (payer information).
“To achieve this registration, we worked closely with the FCA and followed the highest possible standards to ensure that users of our leading clients have the necessary assurance about the compliance of their assets,” explained Mark Evans, Baanx’s head of compliance.
With FCA approval, Baanx will expand the range of services it offers customers. The firm is now able to provide secure exchange products under its Cryptodraft offering. These new services will help crypto holders manage and guarantee spending. This development is particularly significant given Baanx’s recent partnership with Ledger.
The collaboration with Ledger led to the launch of the Crypto Life (CL) debit card, which the company says will be operated (deposits and management) via the Ledger Live app. Users will gain access to liquidity and can establish stable credit lines backed by crypto collateral, with rates starting at 0% APR. A waiting list for the card is growing steadily, reporting over 150,000 consumers registered.
Garth Howat, founder and CEO of Baanx, hailed the milestone as further evidence of the company’s ongoing success as a fintech disruptor focused on secure crypto infrastructure. He highlighted that initiatives like the CL card are intended to broaden the utility of the native BXX token and extend its practical use in everyday finance.
Crypto.com is the latest target of the ASA’s UK advertising ban wave
The UK Advertising Standards Authority (ASA) has added Crypto.com to the list of exchanges and crypto firms whose adverts have been banned by the regulator. The ASA ordered Crypto.com to stop running two mobile adverts that promoted the ease of buying crypto and implied the simplicity of making profits from digital assets.
The regulator found that the exchange did not make the risks associated with the promoted products sufficiently clear to potential consumers. Additionally, the ASA said the firm failed to specify limits on acquiring crypto using credit cards and took advantage of the target audience’s limited understanding of the market.
Other major crypto trading platforms that have faced ASA advertising bans include Coinbase and Kraken. Although Crypto.com removed the adverts and settled the complaint, the company disputed the ASA’s findings and maintained that its marketing did not breach the rules.