TORONTO, Sept. 21, 2023 (GLOBE NEWSWIRE) -- Banxa Holdings Inc. (TSXV: BNXA) (OTCQX: BNXAF) (FSE: AC00) ("Banxa'' or the "Company") today provides shareholders an update on its US operations, particularly its 32 Money Transmitter Licenses (MTLs) that have been granted to date.

The US market is a very important part of Banxa’s growth strategy and where it continues to invest. Banxa is excited to announce the following:

• Banxa has now been granted Money Transmitter Licenses (MTLs) in the states of Tennessee, Virginia, Florida and Puerto Rico.
• With these latest additions, Banxa now holds 32 MTLs in the US, and is expecting 7 more MTLs to be granted in 2023 based on active applications. Banxa does not require MTLs to operate in 10 states / territories.
• Accordingly, Banxa is already capable of servicing 42 states / territories in the US, and expects to be capable of servicing 49 states / territories by the end of 2023. Banxa expects to lodge 2 more MTL applications in late 2023 / early 2024 which will mean, in due course, Banxa will be able to service 51 states / territories.

Holger Arians, CEO of Banxa Holdings Inc., stated, “Banxa is focused on providing enterprise-grade digital asset infrastructure for the new era of embedded crypto. We combine the US and global licenses and registrations with our global payment gateways and our industry leading technology to provide a powerful solution that is used by over 200 partners (digital asset platforms) and their users worldwide.

It is also encouraging to see the latest M&A activity by large US tech companies to acquire organisations that own Money Transmitter Licenses (MTLs) in the digital assets arena. Seeing a premium being placed on licensing portfolios is a positive signal for Banxa, which holds 32 MTLs across the United States, and is expecting 7 more MTLs to be granted in 2023."

Banxa has prioritized obtaining local payments and digital asset transactions licenses as central to its long-term growth strategy.

Banxa holds licenses / registrations in Australia, Canada, Netherlands and Lithuania. Banxa has established operations in Brazil and Turkey. As such, Banxa believes it is strategically well placed to capitalize on future regulatory evolution in these countries.

Furthermore, Banxa previously lodged its ‘Crypto Asset Business’ application with the Financial Conduct Authority (FCA) for the UK, and anticipates lodging in 2024 a ‘Crypto Asset Services Provider’ (CASP) application for the Europe Union pursuant to the ‘Markets in Crypto Assets Regulation’ (MiCA). Banxa is also actively considering other markets to enter in due course.

CONTACTS

Investors:
Zafer Qureshi

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Media:
Wachsman
Ethan Lyle
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ENDS

ON BEHALF OF THE BOARD OF DIRECTORS
Per: "Zafer Qureshi”
Zafer Qureshi = Director and Head, Corporate Affairs, +1 416-347-4192

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Forward-Looking Information

This press release contains statements including “forward-looking information” (“Forward-looking statements”). Forward-looking statements in this news release include statements regarding the date of the Meeting. In making the forward-looking statements in this release, the Company has applied certain factors and assumptions that the Company believes are reasonable, including that the Company will hold the Meeting on the expected date. However, the forward-looking statements in this release are subject to numerous risks, uncertainties and other factors that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Such uncertainties and risks may include, among others that the Company will hold the Meeting on the expected date. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.