BANXA Holdings Inc has provided investors with an update on its trade cessation status and general business matters.
BANXA CEO Holger Arians said with volatility returning to the crypto markets in light of the recent FTX situation, BANXA has seen some of its largest trading days this calendar year in the month of November.
“BANXA has quickly identified increased adoption of non-custodial, decentralized exchanges and platforms and has successfully integrated with several notable partners including decentralized app ZenGo, and decentralized exchange dYdX, and is working on several more major decentralized finance (DeFi) partner integrations,” he said.
READ: BANXA Holdings says rapid growth rate ultimately caused trade cessation
“Paid integrations and token listings continue to contribute positively to the gross profit margin, helping the business on its path to profitability later this financial year.”
BANXA also highlighted that it now has 11 Money Transmitter Licences (MTL) in the US market with the most recent MTL approved last week and further MTLs expected to be approved in the coming months.
The company added that it continues to make progress with its auditor, RSM Canada, on completing its audited financial statements for the fiscal year ended June 30, 2022, and a further update will be provided in the coming weeks.
As a result of the FY22 audit delay, the company said its September quarterly financial report will also be delayed. BANXA said it is unable to release the financial statements and MD&A until the FY22 audit is completed due to the requirement to have confirmed opening balances.
It also announced that Konstantin Lichtenwald has stepped down from his role as CFO. The company said it continues to search for a group CFO and it is currently interviewing for this position.
BANXA Holdings powers the world’s largest digital asset platforms by providing payments infrastructure and regulatory compliance across global markets.
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