Banxa Establishes USA Office, Submits 8 License Applications in World’s Largest Crypto Market
Jul 27th, 2022 13:35 EST
- USA office opened in Nevada and USA CEO appointed
- 8 Money Transmitter Licenses lodged, 34 more scheduled for August lodgment
- First licenses expected to be granted as soon as October 2022
TORONTO, ON and MELBOURNE, AUSTRALIA / ACCESSWIRE / July 27, 2022 / BANXA Holdings Inc. (TSX-V:BNXA) (OTCQX:BNXAF) (FSE:AC00) ("Banxa" or "The Company"), the leading global web3 on/off ramp solution, announces its physical entry into the USA and submission of its first Money Transmitter License (MTL) applications to solidify its position in the world's largest and most lucrative crypto market(1).
Banxa has opened its USA operating headquarters in Reno, Nevada, which will be led by Banxa's Chief Legal Officer and newly appointed USA CEO Richard Mico. Richard has begun to build out a core team in Reno whose top priority is obtaining local USA Money Transmitter Licenses (MTLs). These licenses will allow Banxa to operate compliantly as a regulated Money Services Business (MSB).
The primary drivers for entering the USA and obtaining MTLs and a Trust License include:
- Solidifying Banxa's position and establishing a physical footprint in the world's largest cryptocurrency market
- The ability to offer a broader range of services (e.g. coins and chains) to Banxa's US customer base that is currently not possible through intermediaries
- No longer being required to leverage regulated intermediaries which reduces costs and also mitigates risk of reliance upon third-parties
- The ability to have local credit card acquiring for higher conversions and increased revenue
- By holding the Nevada Retail Trust License (scheduled for 2023 submission), Banxa will also be able to offer cryptocurrency custody solutions
To date, 8 MTLs have formally been lodged between 22nd and 26th July. The Company anticipates lodging the remaining 34 applications in August. It is expected that the licenses will be received in tranches from as early as October 2022 through July 2023. Banxa is already registered as an MSB with the Financial Crimes Enforcement Network (FinCEN).
Holger Arians, Banxa's CEO says, "Obtaining our own licenses and establishing a foothold in both Banxa's most critical market and the largest crypto market in general, is an important part of our core strategy which is to offer our partners and their users the most ways to enter and exit the digital asset space. Being firmly cemented in the USA is a huge achievement and critical to Banxa's mission of dominating this space."
Banxa USA CEO and Chief Legal Officer Richard Mico says, "The US is one of our biggest markets and we have decided to establish our own presence to better service our existing partners and their end users. By establishing a physical presence in the US, we can acquire new partners and users in a more cost efficient way and with a broader service offering. Being in charge of our own destiny when it comes to holding our own licenses is a core focus of Banxa's strategy."
BANXA Holdings Inc. (TSX-V:BNXA) (OTCQX:BNXAF) (FSE:AC00)
Banxa's mission is to accelerate the world to Web3 with its leading global on/off ramp solutions. Through its extensive network of local payment solutions paired with the required crypto licenses, Banxa gives 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 towww.banxa.com
Investors: MZ North AmericaBrian M. Prenoveau, CFA[email protected]561-489-5315
Media: Wachsman[email protected]
ENDSON BEHALF OF THE BOARD OF DIRECTORSPer: "DOMENIC CAROSA" https://twitter.com/dcarosaDomenic Carosa, Chairman (1-888-218-6863)
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SOURCE: Banxa Holdings