Public-source market reference. Public market-reference summary based on public sources. No client documents, private contracts or transaction architecture are included.

CrossFX market review

How are these companies set up, and what licences do they have?

See the legal entities behind each platform, the licences and permissions they hold, and where they rely on partners.

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Search all 20 core comparators by company, legal entity, regulator, licence number, activity or jurisdiction. Expand any result for the complete evidence record.

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Filter by UAE regulator or financial centre

20 of 20 core comparator records match.UAE filters show related records, including approvals and recorded gaps. Open a result to confirm the exact status.

A · regulator anchoredUAE relevantVARACBUAE

Fuze

Closest UAE split-stack comparator, but describe the active VARA licence together with its retail channel restriction, enforcement and Category III limits

Entity-specific regulatory recordsVARA: VL/23/10/002CBUAE: 08.01.03.028.2025.013 separately classified records

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Structure and permission

Fuze

Closest UAE split-stack comparator, but describe the active VARA licence together with its retail channel restriction, enforcement and Category III limits

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

VASP licenceDubai, UAE (excluding DIFC)

Morpheus Software Technology FZE (Fuze)

Issued / supervised by: Virtual Assets Regulatory AuthorityVARA
What the permission covers: Broker-Dealer Services.
Reference number: VL/23/10/002VL is the VARA licence-reference prefix. The linked record states the permitted activity and conditions.
Status at research cut-off: Active, with disclosed 2025 enforcement and remediation

Open exact VARA licence recordExact official entity and licence record

Retail Payment Services Provider licenceUAE federal / mainland

Niobe Payment Services LLC-SPC

Issued / supervised by: Central Bank of the United Arab EmiratesCBUAE
What the permission covers: Category III Retail Payment Services Provider.
Reference number: 08.01.03.028.2025.01CBUAE register reference for the named payment entity.
Status at research cut-off: Appears active in the cited May 2026 CBUAE register

Open the official CBUAE register PDFOfficial register list. Search for the entity or reference.

VASP registration identifier; not a second activity licenceUAE

Morpheus Software Technology FZE (Fuze)

Issued / supervised by: Capital Market Authority, UAECMA
What the permission covers: Registration identifier displayed alongside the VARA record.
Reference number: CMA-VASP-0100000-0015Do not read this as an additional set of permitted activities; the VARA record states the cited Broker-Dealer activity.
Status at research cut-off: Displayed on the VARA public record checked 27 July 2026

Open the official record showing both referencesExact official entity record

Overall entity structure: Morpheus Software Technology FZE; Niobe Payment Services LLC-SPC
Overall record status: Both appear active; Morpheus is under VARA remediation/enforcement following 2025 findings
Verified functions: Morpheus may provide broker-dealer services to institutional and qualified investors and to retail only through Licensed Financial Institutions; Category III can cover only selected account/instrument/acquiring/aggregation/domestic-transfer services
Critical limitations: Niobe register entry does not show which subset is authorised; Category III excludes cross-border fund transfer and payment-token services; VARA found AML/control failures and unlicensed activity by Morpheus
Partner reliance: High: foreign/destination partners are needed for cross-border and payout legs
Open verification points: Niobe's exact authorised Category III services; customer contracting split; enforcement remediation status
Primary and current sources: vara.ae vara.ae centralbank.ae rulebook.centralbank.ae

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

B · qualifiedUAE relevantADGM / FSRA

Circle Payments Network

Best neutral-network benchmark, but neutrality rests on company terms and direct participant allocation, not on Circle group licences

Entity-specific regulatory recordsNone asserted: No licence numberADGM FSRA: 2500352 separately classified records

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Structure and permission

Circle Payments Network

Best neutral-network benchmark, but neutrality rests on company terms and direct participant allocation, not on Circle group licences

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

No financial licence assertedUnited States / network role

Circle Technology Services, LLC

Issued / supervised by: No financial regulator identified for the base-network roleNone asserted
What the permission covers: Operates the base Circle Payments Network as a technology provider.
Reference number: No licence numberDo not attribute the separate ADGM affiliate's permission to Circle Technology Services.
Status at research cut-off: Network live per company description

Open the public CPN descriptionCompany source describing the role; not a regulator record.

Financial Services PermissionADGM, Abu Dhabi, UAE

Circle Internet MEA Ltd

Issued / supervised by: Financial Services Regulatory Authority, Abu Dhabi Global MarketADGM FSRA
What the permission covers: Providing Money Services and Arranging Deals in Investments.
Reference number: 250035ADGM FSRA firm / permission reference.
Status at research cut-off: Active in the cited ADGM public record

Open exact ADGM FSRA firm recordExact official entity record

Overall entity structure: Circle Technology Services, LLC; Circle Internet MEA Ltd
Overall record status: CTS network live per company; MEA permission active
Verified functions: CTS supplies rules/API/connectivity; participants originate, convert, settle and pay; MEA entity may provide authorised money/arranging services
Critical limitations: CTS allocation is vendor/legal disclosure rather than regulator finding; MEA entity may not serve retail or hold/control client money or investments; group licences cannot be imputed to CTS
Partner reliance: Very high: OFIs/BFIs and separately regulated Circle entities supply financial legs
Open verification points: CPN Participation Agreement and Rules; quote/routing discretion; exact CTS registration analysis
Primary and current sources: adgm.com circle.com

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

B · qualified

Fireblocks Network for Payments

Strong infrastructure benchmark; treat connected providers and Fireblocks Trust as separate regulated actors

Entity-specific regulatory recordsNone asserted: No licence numberNYSDFS: Charter granted August 2024; no public licence number cited2 separately classified records

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Structure and permission

Fireblocks Network for Payments

Strong infrastructure benchmark; treat connected providers and Fireblocks Trust as separate regulated actors

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

No financial licence assertedNetwork / infrastructure role

Fireblocks Network for Payments operator

Issued / supervised by: No separate financial regulator record identifiedNone asserted
What the permission covers: Wallet-policy, orchestration and provider-connectivity infrastructure.
Reference number: No licence numberThe precise platform operating entity is not mapped to a separate financial permission in this research record.
Status at research cut-off: Network live per company description

Limited-purpose trust charterNew York, United States

Fireblocks Trust Company LLC

Issued / supervised by: New York State Department of Financial ServicesNYSDFS
What the permission covers: Approved virtual-currency custody through the Trust entity.
Reference number: Charter granted August 2024; no public licence number citedA dated charter grant, not a numbered licence in the cited official bulletin.
Status at research cut-off: Current in the cited NYSDFS materials

Open the NYSDFS charter noticeOfficial entity-specific grant notice. No licence number is shown.

Overall entity structure: Fireblocks platform/operator not precisely mapped in public regulator record; Fireblocks Trust Company LLC
Overall record status: Trust charter current; Network live per company
Verified functions: Network supplies wallet/policy/orchestration and provider connectivity; Trust entity may conduct approved virtual-currency custody
Critical limitations: Trust charter belongs only to Trust entity; no regulator source verifies the Network's precise no-financial-service allocation
Partner reliance: Very high: independent FX, liquidity, on/off-ramp and payout providers contract with customer
Open verification points: Exact Network contracting entity; custody deployment/key control; provider contracts and operational authority
Primary and current sources: dfs.ny.gov dfs.ny.gov

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

A · regulator anchored

BVNK

Use as the clearest managed-versus-self-managed comparator; only the latter supports a TSP analogy

Entity-specific regulatory recordsFCA: FRN 901057MFSA / ESMA: LEI 984500640Z8ADE893D04; company no. C669613 separately classified records

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Structure and permission

BVNK

Use as the clearest managed-versus-self-managed comparator; only the latter supports a TSP analogy

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Authorised Electronic Money InstitutionUnited Kingdom

System Pay Services Ltd

Issued / supervised by: Financial Conduct AuthorityFCA
What the permission covers: Electronic-money and payment services within the firm's FCA scope.
Reference number: FRN 901057FCA Firm Reference Number; the FRN is not the activity scope.
Status at research cut-off: Current per the cited FCA register search

Search the official FCA register for FRN 901057Official register search

EMI permission and MiCA CASP authorisationMalta / EEA

System Pay Services (Malta) Limited

Issued / supervised by: Malta Financial Services Authority / European Securities and Markets AuthorityMFSA / ESMA
What the permission covers: E-money plus cited custody, exchange, execution and transfer services.
Reference number: LEI 984500640Z8ADE893D04; company no. C66961The LEI and company number identify the legal entity; neither is presented as a standalone MiCA licence number.
Status at research cut-off: MiCA authorisation current in the cited register extract

Open the official MiCA host-state recordOfficial entity-specific host-state record

Registry ID plus state permission stackUnited States

System Pay Services (US), Inc.

Issued / supervised by: US state money-transmission authorities via NMLSNMLS / state regulators
What the permission covers: Money transmission only where authorised or otherwise lawfully covered.
Reference number: NMLS 2531294NMLS is a registry identifier, not one nationwide US licence.
Status at research cut-off: Current per company disclosures; state-by-state scope requires checking

Overall entity structure: System Pay Services Ltd; System Pay Services (Malta) Limited C66961; System Pay Services (US), Inc.
Overall record status: UK/US current per disclosures; Malta MiCA permission current in ESMA register
Verified functions: ESMA lists Malta CASP custody/admin, crypto/funds exchange, crypto/crypto exchange, execution and transfer across the notified EEA country codes; managed product supplies regulated execution; Layer1 is self-managed infrastructure
Critical limitations: Entity/product specific; UK EMI is not crypto permission; US FinCEN registration is not nationwide authority
Partner reliance: Medium for managed; very high for Layer1/self-managed because customer supplies custodian, licences and liquidity
Open verification points: Current regulator mapping for every US state/product; actual contracting entity and scope by customer
Primary and current sources: esma.europa.eu amf-france.org register.fca.org.uk

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

A · regulator anchoredUAE relevantDIFC / DFSA

Ripple Payments

Licensed managed-provider benchmark; state the exact regional entity and do not infer Luxembourg custody/execution

Entity-specific regulatory recordsDFSA: F008529CSSF / ESMA: W00000021 / W213 separately classified records

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Structure and permission

Ripple Payments

Licensed managed-provider benchmark; state the exact regional entity and do not infer Luxembourg custody/execution

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Financial Services PermissionDIFC, Dubai, UAE

Ripple Middle East Limited

Issued / supervised by: Dubai Financial Services AuthorityDFSA
What the permission covers: The money, payment and crypto-related services listed on its DFSA page.
Reference number: F008529DFSA firm reference; read the linked page for exact scope.
Status at research cut-off: Current / active in the cited DFSA register

Open exact DFSA firm recordExact official entity record

EMI permission and MiCA CASP authorisationLuxembourg / EEA

Ripple Payments Europe SA

Issued / supervised by: Commission de Surveillance du Secteur Financier / European Securities and Markets AuthorityCSSF / ESMA
What the permission covers: Electronic money plus cited crypto exchange and transfer services.
Reference number: W00000021 / W21Luxembourg permission identifiers recorded in the research; not a statement that every service shares one licence number.
Status at research cut-off: Current / active

Open the official MiCA host-state recordOfficial entity-specific host-state record

Major Payment Institution licenceSingapore

Ripple Markets APAC Pte Ltd

Issued / supervised by: Monetary Authority of SingaporeMAS
What the permission covers: Major Payment Institution services including Digital Payment Token service.
Reference number: No separate licence number displayed in this research recordThe exact MAS entity page is the controlling identifier.
Status at research cut-off: Current / active in the cited MAS directory

Open exact MAS institution recordExact official entity record

Overall entity structure: Ripple Middle East Limited; Ripple Payments Europe SA; Ripple Markets APAC Pte Ltd
Overall record status: Current/active
Verified functions: Luxembourg: e-money/payment plus crypto/funds exchange, crypto/crypto exchange and transfers; Singapore: account, domestic/cross-border transfer, e-money and DPT; UAE scope is entity-specific
Critical limitations: Luxembourg record does not show MiCA custody or execution; no retail/other DFSA conditions must be applied as registered; global group functions cannot be imputed to each entity
Partner reliance: Medium: banks, liquidity and payout partners extend corridors
Open verification points: Exact UAE customer agreement and service-to-permission allocation; US state/entity product mapping
Primary and current sources: dfsa.ae amf-france.org eservices.mas.gov.sg

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

A · regulator anchoredUAE relevantADGM / FSRAVARA

Hubpay and Aquanow

Clean split-provider comparator: describe two directly regulated providers, not one sheltered technology integrator

Entity-specific regulatory recordsADGM FSRA: 190024VARA: VL/24/01/0013 separately classified records

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Structure and permission

Hubpay and Aquanow

Clean split-provider comparator: describe two directly regulated providers, not one sheltered technology integrator

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Financial Services PermissionADGM, Abu Dhabi, UAE

Hubpay Limited

Issued / supervised by: Financial Services Regulatory Authority, Abu Dhabi Global MarketADGM FSRA
What the permission covers: Providing Money Services.
Reference number: 190024ADGM FSRA firm / permission reference.
Status at research cut-off: Active

Open exact ADGM FSRA firm profile PDFExact official entity record

VASP licenceDubai, UAE (excluding DIFC)

Aquanow ME FZE

Issued / supervised by: Virtual Assets Regulatory AuthorityVARA
What the permission covers: Broker-Dealer Services; Management and Investment Services; Lending and Borrowing Services.
Reference number: VL/24/01/001VL is the VARA licence-reference prefix. This is the exact Aquanow licence record, not a Hubpay permission.
Status at research cut-off: Active

Open exact VARA licence recordExact official entity and licence record

VASP registration identifier; not a second activity licenceUAE

Aquanow ME FZE

Issued / supervised by: Capital Market Authority, UAECMA
What the permission covers: Registration identifier displayed alongside the VARA record.
Reference number: CMA-VASP-0101010-0016Do not read this as an additional set of permitted activities; the VARA record defines the cited VASP activities.
Status at research cut-off: Displayed on the VARA public record checked 27 July 2026

Open the official record showing both referencesExact official entity record

Overall entity structure: Hubpay Limited; Aquanow ME FZE
Overall record status: Active
Verified functions: Hubpay performs authorised fiat money services; Aquanow may supply the listed VA brokerage/investment/lending services
Critical limitations: Aquanow may serve institutional and qualified investors; retail only through licensed financial institutions; two unrelated permissions do not create one composite licence
Partner reliance: High: direct provider relationships and banks/custodians/payout partners are required
Open verification points: Executed contracting chain and responsibility for custody, payout and failed settlement
Primary and current sources: adgm.com vara.ae

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

A · regulator anchoredUAE relevantDIFC / DFSACBUAE gap

dLocal

Licensed hybrid payment provider with partner-supplied stablecoin legs; UAE permission is DFSA money transmission, not CBUAE token authority

Entity-specific regulatory recordsDFSA: F007552NBR: No licence number published in the cited list3 separately classified records

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Structure and permission

dLocal

Licensed hybrid payment provider with partner-supplied stablecoin legs; UAE permission is DFSA money transmission, not CBUAE token authority

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Financial Services PermissionDIFC, Dubai, UAE

dLocal (DIFC) Limited

Issued / supervised by: Dubai Financial Services AuthorityDFSA
What the permission covers: Providing Money Services; Money Transmission; Holding or Controlling Client Assets.
Reference number: F007552DFSA firm reference; exact scope appears on the linked record.
Status at research cut-off: Active

Open exact DFSA firm recordExact official entity record

Listed payment activitiesRwanda

Dlocal Rwanda Limited

Issued / supervised by: National Bank of RwandaNBR
What the permission covers: Aggregation and remittance in the cited official licensed-institutions list.
Reference number: No licence number published in the cited listUse the legal entity name to locate the row.
Status at research cut-off: Listed in the November 2025 official record

Open the official NBR licensed-institutions listOfficial list. Search for the entity name.

No licence verifiedUAE federal / mainland

Dlocal Payment Services L.L.C.

Issued / supervised by: Central Bank of the United Arab EmiratesCBUAE
What the permission covers: No mainland UAE payment-token permission was verified in the cited register.
Reference number: No licence numberA negative register check is not proof that no permission exists.
Status at research cut-off: Not verified

Open the official CBUAE register checkedOfficial register list used for the negative check.

Overall entity structure: dLocal (DIFC) Limited; Dlocal Payment Services L.L.C.; Dlocal Rwanda Limited; other local entities
Overall record status: DFSA permission active; November 2025 Rwanda official list shows aggregation and remittance
Verified functions: DIFC entity may provide money services/transmission and hold/control client assets; Rwanda entity may aggregate and remit; group/local entities and processors perform regional collections and payouts
Critical limitations: DFSA entry is not CBUAE payment-token permission; separate mainland collection entity has no verified CBUAE licence; stablecoin functions are partner-dependent; UK/Malta assertions still need current regulator extracts in the pack
Partner reliance: High: local processors, banks and named stablecoin providers complete the product
Open verification points: Exact customer entity and funds flow by corridor; stablecoin custodian/converter; mainland entity's role; current official UK/Malta extracts
Primary and current sources: dfsa.ae centralbank.ae bnr.rw

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

A · regulator anchored

Bridge / Stripe

Managed licensed API provider; distinguish Luxembourg crypto permission from the Irish EMI and disclose the ESMA/AMF display conflict rather than asserting execution is absent in France

Entity-specific regulatory recordsCSSF / ESMA: LEI 254900MVWQXMF77YZP65; company no. B298785CBI: C1878653 separately classified records

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Structure and permission

Bridge / Stripe

Managed licensed API provider; distinguish Luxembourg crypto permission from the Irish EMI and disclose the ESMA/AMF display conflict rather than asserting execution is absent in France

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

MiCA CASP authorisationLuxembourg / EEA

Bridge Building S.A.

Issued / supervised by: Commission de Surveillance du Secteur Financier / European Securities and Markets AuthorityCSSF / ESMA
What the permission covers: Custody, crypto/fiat exchange, crypto/crypto exchange, execution and transfer.
Reference number: LEI 254900MVWQXMF77YZP65; company no. B298785The LEI and company number identify the entity; they are not standalone MiCA licence numbers.
Status at research cut-off: Authorised 29 June 2026; France execution display conflict remains open

Open the official MiCA host-state recordOfficial entity-specific host-state record

Electronic Money Institution authorisationIreland / EEA

Stripe Technology Europe Limited

Issued / supervised by: Central Bank of IrelandCBI
What the permission covers: E-money and payment services within the Irish permission.
Reference number: C187865Central Bank of Ireland firm reference.
Status at research cut-off: Current

Open exact Central Bank of Ireland recordExact official entity record

Registry ID plus state permission stackUnited States

Bridge US regulated entity

Issued / supervised by: US state money-transmission authorities via NMLSNMLS / state regulators
What the permission covers: Money transmission only where state-authorised or otherwise covered.
Reference number: NMLS 2450917NMLS is a registry identifier, not one nationwide licence.
Status at research cut-off: State-by-state scope requires checking

Overall entity structure: Bridge Building S.A. B298785; Stripe Technology Europe Limited
Overall record status: MiCA authorised 2026-06-29; Irish EMI current; historic Polish VASP entry deleted
Verified functions: ESMA central register lists custody/admin, crypto/funds exchange, crypto/crypto exchange, execution and transfer and includes FR among the country codes for execution; Irish entity provides e-money/payment services
Critical limitations: AMF's Bridge page omits execution, conflicting with ESMA's central register; do not convert that display conflict into a categorical territorial restriction without regulator confirmation; separate group entities; old Polish RDWW-794 terms are stale
Partner reliance: Medium-high: separate fiat entity plus banks/custodians/liquidity providers
Open verification points: Resolve ESMA/AMF France execution-display conflict; current terms naming the licensed entity; US state-by-state product allocation
Primary and current sources: esma.europa.eu amf-france.org registers.centralbank.ie

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

A · regulator anchoredUAE relevantADGM / FSRA

Zodia Markets AME

Strong UAE principal benchmark: licensed matched-principal VA dealing, expressly non-retail

Entity-specific regulatory recordsADGM FSRA: 2201321 separately classified record

Expand full record

Structure and permission

Zodia Markets AME

Strong UAE principal benchmark: licensed matched-principal VA dealing, expressly non-retail

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Financial Services PermissionADGM, Abu Dhabi, UAE

Zodia Markets (AME) Limited

Issued / supervised by: Financial Services Regulatory Authority, Abu Dhabi Global MarketADGM FSRA
What the permission covers: Dealing in Investments as Principal (Matched), limited to Virtual Assets.
Reference number: 220132ADGM FSRA firm / permission reference.
Status at research cut-off: Active since 10 December 2024

Open exact ADGM FSRA firm recordExact official entity record

Overall entity structure: Zodia Markets (AME) Limited
Overall record status: Active since 2024-12-10
Verified functions: Matched-principal virtual-asset dealing for permitted client types
Critical limitations: Matched-principal only; no retail clients; custody/banking functions are not included in this permission
Partner reliance: Medium: banks and external custody/settlement providers
Open verification points: Exact stablecoin instruments, counterparties and settlement/custody agreements
Primary and current sources: adgm.com

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

B · qualifiedUAE relevantCBUAE IPA

Airwallex

Regional payment-licensing comparator, not a verified stablecoin comparator; UAE status remains in-principle

Entity-specific regulatory recordsFCA: FRN 900876DNB: R1796226 separately classified records

Expand full record

Structure and permission

Airwallex

Regional payment-licensing comparator, not a verified stablecoin comparator; UAE status remains in-principle

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Authorised Electronic Money InstitutionUnited Kingdom

Airwallex UK Ltd

Issued / supervised by: Financial Conduct AuthorityFCA
What the permission covers: E-money and payment services within the firm's FCA scope.
Reference number: FRN 900876FCA Firm Reference Number; it does not state activity scope.
Status at research cut-off: Current

Search the official FCA register for FRN 900876Official register search

Electronic Money Institution authorisationNetherlands / EEA

Airwallex Netherlands BV

Issued / supervised by: De Nederlandsche BankDNB
What the permission covers: E-money and payment services within the Dutch permission.
Reference number: R179622DNB relationship / register reference.
Status at research cut-off: Current

Open exact DNB register recordExact official entity record

Electronic Money Institution licenceLithuania / EEA

AWX Lithuania UAB

Issued / supervised by: Bank of LithuaniaBank of Lithuania
What the permission covers: E-money and payment services within the Lithuanian permission.
Reference number: EMI licence 88Lithuanian electronic-money institution licence number.
Status at research cut-off: Current

Open exact Bank of Lithuania licence recordExact official licence record

Major Payment Institution licenceSingapore

Airwallex Singapore Pte Ltd

Issued / supervised by: Monetary Authority of SingaporeMAS
What the permission covers: Payment services within the MAS record; no DPT service verified here.
Reference number: PS20200541MAS payment-institution reference.
Status at research cut-off: Current

Open the official MAS institution directoryOfficial directory. Search for the entity or reference.

Registry ID plus state permission stackUnited States

Airwallex US LLC

Issued / supervised by: US state money-transmission authorities via NMLSNMLS / state regulators
What the permission covers: Money transmission only where state-authorised or otherwise covered.
Reference number: NMLS 1928093NMLS is a registry identifier, not one nationwide licence.
Status at research cut-off: Current; state-by-state scope requires checking

In-principle approval; not a final operating licenceUAE federal / mainland

Proposed Airwallex UAE entity

Issued / supervised by: Central Bank of the United Arab EmiratesCBUAE
What the permission covers: Proposed Stored Value Facility and Category II Retail Payment Services.
Reference number: No final licence numberAn in-principle approval does not authorise live operation.
Status at research cut-off: Not operationally authorised on the evidence located

Open the official CBUAE register checkedOfficial register list. No final operating permission was found.

Overall entity structure: Airwallex UK Ltd; Airwallex Netherlands BV; AWX Lithuania UAB; Airwallex Singapore Pte Ltd; Airwallex US LLC; proposed UAE entity
Overall record status: Regional licences current; UAE not operationally authorised on evidence located
Verified functions: Accounts, e-money, domestic/cross-border transfer, merchant acquiring and related payment functions by entity; no operating stablecoin role verified
Critical limitations: Singapore entry has no DPT; India historically served through Singapore documentation; UAE IPA is not permission to operate; absence of a stablecoin product is a negative-search conclusion
Partner reliance: High: banks, schemes and local rails
Open verification points: Final UAE licence/status; India local authority; product-level evidence if stablecoin use is asserted
Primary and current sources: dnb.nl lb.lt eservices.mas.gov.sg centralbank.ae

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

C · material gap

Arf / Huma

Liquidity-layer comparator only; call the Swiss status AML/SRO membership, not a financial-services licence

Entity-specific regulatory recordsVQF SRO: VQF member 101012 (company-stated)Zefix: CHE-237.286.4352 separately classified records

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Structure and permission

Arf / Huma

Liquidity-layer comparator only; call the Swiss status AML/SRO membership, not a financial-services licence

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

SRO membership claim; not a financial licenceSwitzerland

Arf Financial GmbH

Issued / supervised by: VQF self-regulatory organisation under Swiss AML lawVQF SRO
What the permission covers: Anti-money-laundering supervision through claimed VQF membership.
Reference number: VQF member 101012 (company-stated)SRO membership is not a banking, payment, deposit-taking or lending licence.
Status at research cut-off: Company active; member status only vendor-linked in evidence located

Read FINMA's official explanation of SRO supervisionOfficial framework explanation; not an entity record.

Company identifier; not a licenceSwitzerland

Arf Financial GmbH

Issued / supervised by: Swiss Central Business Name IndexZefix
What the permission covers: Corporate existence only.
Reference number: CHE-237.286.435Swiss company identifier; no financial activity permission.
Status at research cut-off: Company active

Open the exact Swiss company recordOfficial corporate record; not a licence.

Overall entity structure: Arf Financial GmbH CHE-237.286.435; Huma protocol/ecosystem entities not mapped
Overall record status: Swiss company active; VQF member status only vendor-linked in evidence located
Verified functions: Short-term stablecoin liquidity/credit to licensed PSPs; customers/partners execute payment and payout
Critical limitations: SRO AML membership is not a banking, payment, deposit-taking or lending licence; Huma's protocol role and lender-of-record are unresolved
Partner reliance: Very high: licensed PSPs, stablecoin/custody providers and funding vehicles execute the financial chain
Open verification points: Official current VQF directory extract; lender/credit-fund entity; governing law; custody and insolvency allocation; Huma contracting role
Primary and current sources: zefix.ch finma.ch

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

C · material gap

AZA Finance

Describe only verified UK/Nigeria permissions and the revoked/liquidating Spain entity; treat current platform allocation as unresolved

Entity-specific regulatory recordsFCA: FRN 673100CBN: No licence number published in the cited list4 separately classified records

Expand full record

Structure and permission

AZA Finance

Describe only verified UK/Nigeria permissions and the revoked/liquidating Spain entity; treat current platform allocation as unresolved

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Authorised Payment InstitutionUnited Kingdom

B Transfer Services Ltd

Issued / supervised by: Financial Conduct AuthorityFCA
What the permission covers: Payment services within the firm's FCA scope.
Reference number: FRN 673100FCA Firm Reference Number; it does not state activity scope.
Status at research cut-off: Current in the research record

Search the official FCA register for FRN 673100Official register search

Payment Solution Service Provider licenceNigeria

BT Payments Services Nigeria Ltd

Issued / supervised by: Central Bank of NigeriaCBN
What the permission covers: Payment Solution Service Provider activities as listed.
Reference number: No licence number published in the cited listUse the legal entity name in the official CBN list.
Status at research cut-off: Current in the cited official list

Open the official CBN payment-provider listOfficial list. Search for the entity name.

Former payment-institution permission (revoked)Spain / EEA

TransferZero Money Transfer Entidad de Pago SA

Issued / supervised by: Bank of Spain / Spanish official corporate noticesBank of Spain
What the permission covers: Former payment-institution authority; not a current permission.
Reference number: Former permission 6854Do not present this revoked reference as current.
Status at research cut-off: Revoked January 2026; entity subsequently entered liquidation

Open the official Spanish revocation recordOfficial notice concerning the former permission.

Company-stated claimUganda

AZA / Uganda entity not precisely mapped

Issued / supervised by: Ugandan authority not independently fixed in this rowUganda claim
What the permission covers: Claimed Ugandan permission; entity and exact scope require verification.
Reference number: MR125/23 (company-stated)Not independently verified in an official register in this pack.
Status at research cut-off: Unresolved

Overall entity structure: B Transfer Services Ltd; BT Payments Services Nigeria Ltd; TransferZero Money Transfer Entidad de Pago SA; Mint Code Solutions SA acquired by dLocal
Overall record status: UK/Nigeria current; Spain revoked January 2026 and former TransferZero entity entered liquidation; post-dLocal transition unresolved
Verified functions: UK money remittance and Nigeria PSSP functions; legacy platform contracts included FX, transfer and settlement; selected Cameroon assets/licence moved to dLocal
Critical limitations: No verified group VASP permission; Spain terms are stale; dLocal acquired selected assets/customer relationships rather than clearly the whole group; current contracting entity unclear
Partner reliance: High: banks and local payout providers; acquisition transition increases dependency
Open verification points: Current UK/customer terms; post-acquisition ownership and licence allocation; Cameroon category/number; Uganda official record; digital-asset permission
Primary and current sources: cbn.gov.ng boe.es boe.es

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

C · material gap

Conduit

Describe as a partner/exemption-led bridge with a current Canadian registration subject to an unexplained duplicate applicant entry, not as a clean licensed TSP or nationwide US transmitter

Entity-specific regulatory recordsBank of Canada / RPAA: 12835304 is the entity/company numberFinCEN / FINTRAC / US states: No reliable public US NMLS or licence number verified2 separately classified records

Expand full record

Structure and permission

Conduit

Describe as a partner/exemption-led bridge with a current Canadian registration subject to an unexplained duplicate applicant entry, not as a clean licensed TSP or nationwide US transmitter

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Payment service provider registration; not a licenceCanada

12835304 Canada Inc (Conduit)

Issued / supervised by: Bank of Canada under the Retail Payment Activities ActBank of Canada / RPAA
What the permission covers: Registered payment service provider status under the RPAA.
Reference number: 12835304 is the entity/company numberThe number identifies the Canadian legal entity; it is not a licence number or regulatory endorsement.
Status at research cut-off: Shown as registered and also on the applicants list in the cited research; discrepancy remains open

Open the official Bank of Canada PSP registryOfficial registry. Search for Conduit or the entity name.

Company claim / incomplete authorityUnited States / Canada

Conduit Technology Inc

Issued / supervised by: Claimed AML registrations; US state authorities not establishedFinCEN / FINTRAC / US states
What the permission covers: Claimed AML registrations; no verified US state money-transmitter estate.
Reference number: No reliable public US NMLS or licence number verifiedFinCEN or FINTRAC registration would not itself be a general money-transmission licence.
Status at research cut-off: Unresolved

Overall entity structure: Conduit Technology Inc; 12835304 Canada Inc; Conduit Paga Brasil Ltda
Overall record status: Bank of Canada currently lists 12835304 Canada Inc / Conduit as registered and simultaneously on the applicants list with application date 2026-05-03; other permissions unresolved
Verified functions: Legacy MTA places Conduit in receipt/safeguarding, conversion, transmission and settlement; partners provide bank/asset/payout rails
Critical limitations: Bank of Canada expressly says registration is not a licence or endorsement; duplicate registered/applicant display is unexplained; FinCEN/FINTRAC are AML registrations; Montana non-regulation does not resolve other states or activities
Partner reliance: Very high: Lead Bank and currency, asset and payout providers are central
Open verification points: Current contracting entity/terms; Canada duplicate status; exact FINTRAC/FinCEN numbers; state MTL/exemption map; Brazil authority
Primary and current sources: bankofcanada.ca bankofcanada.ca banking.mt.gov

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

A · regulator anchoredUAE relevantVARA

DKK Digital

Licensed institutional broker/adviser; do not expand the permission into custody, exchange or payment services

Entity-specific regulatory recordsVARA: VL/25/04/002CMA: CMA-VASP-0100000-00312 separately classified records

Expand full record

Structure and permission

DKK Digital

Licensed institutional broker/adviser; do not expand the permission into custody, exchange or payment services

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

VASP licenceDubai, UAE (excluding DIFC)

DKK Digital FZE

Issued / supervised by: Virtual Assets Regulatory AuthorityVARA
What the permission covers: Broker-Dealer Services and Advisory Services.
Reference number: VL/25/04/002VL is the VARA licence-reference prefix.
Status at research cut-off: Active; issued 18 April 2025

Open exact VARA licence recordExact official entity and licence record

VASP registration identifier; not a second activity licenceUAE

DKK Digital FZE

Issued / supervised by: Capital Market Authority, UAECMA
What the permission covers: Registration identifier displayed alongside the VARA record.
Reference number: CMA-VASP-0100000-0031Do not read this as an additional set of permitted activities; the VARA record defines the cited VASP activities.
Status at research cut-off: Displayed on the cited VARA public record

Open the official record showing both referencesExact official entity record

Overall entity structure: DKK Digital FZE
Overall record status: Active; issued 2025-04-18
Verified functions: Virtual-asset broker-dealer and advisory services
Critical limitations: Institutional and qualified investors only; no custody, exchange, transfer/settlement or payment permission shown
Partner reliance: Medium: banks, custodians and other execution/settlement providers
Open verification points: Actual stablecoin on/off-ramp contracting and which partner performs fiat/payment/custody legs
Primary and current sources: vara.ae

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

A · regulator anchoredUAE relevantVARA

GCEX

Secondary institutional execution benchmark; confine UAE permission to VARA broker-dealer services

Entity-specific regulatory recordsVARA: VL/23/09/002CMA: CMA-VASP-0100000-00142 separately classified records

Expand full record

Structure and permission

GCEX

Secondary institutional execution benchmark; confine UAE permission to VARA broker-dealer services

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

VASP licenceDubai, UAE (excluding DIFC)

GC Exchange FZE

Issued / supervised by: Virtual Assets Regulatory AuthorityVARA
What the permission covers: Broker-Dealer Services.
Reference number: VL/23/09/002VL is the VARA licence-reference prefix.
Status at research cut-off: Active; issued 17 November 2023

Open exact VARA licence recordExact official entity and licence record

VASP registration identifier; not a second activity licenceUAE

GC Exchange FZE

Issued / supervised by: Capital Market Authority, UAECMA
What the permission covers: Registration identifier displayed alongside the VARA record.
Reference number: CMA-VASP-0100000-0014Do not read this as an additional set of permitted activities; the VARA record defines the cited VASP activity.
Status at research cut-off: Displayed on the cited VARA public record

Open the official record showing both referencesExact official entity record

Overall entity structure: GC Exchange FZE
Overall record status: Active; issued 2023-11-17
Verified functions: Virtual-asset broker-dealer services
Critical limitations: Institutional and qualified investors only; no custody, exchange, transfer/settlement or fiat-payment permission shown
Partner reliance: Medium: banking, custody, liquidity and settlement partners
Open verification points: Entity and permission for any fiat accounts, custody or cross-border payout marketed with the API
Primary and current sources: vara.ae

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

A · regulator anchored

Nium

Broadly payment-licensed fiat network using separately regulated stablecoin infrastructure; do not imply Nium crypto custody

Entity-specific regulatory recordsMAS: PS20200276FCA: FRN 9010244 separately classified records

Expand full record

Structure and permission

Nium

Broadly payment-licensed fiat network using separately regulated stablecoin infrastructure; do not imply Nium crypto custody

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Major Payment Institution licenceSingapore

Nium Pte Ltd

Issued / supervised by: Monetary Authority of SingaporeMAS
What the permission covers: Payment services shown on the MAS record; no DPT service in this analysis.
Reference number: PS20200276MAS payment-institution reference.
Status at research cut-off: Current

Open exact MAS institution recordExact official entity record

Authorised Electronic Money InstitutionUnited Kingdom

Nium Fintech Ltd

Issued / supervised by: Financial Conduct AuthorityFCA
What the permission covers: E-money and payment services within the firm's FCA scope.
Reference number: FRN 901024FCA Firm Reference Number; it does not state activity scope.
Status at research cut-off: Current

Search the official FCA register for FRN 901024Official register search

Electronic Money Institution licenceLithuania / EEA

UAB NIUM EU

Issued / supervised by: Bank of LithuaniaBank of Lithuania
What the permission covers: E-money and payment services within the Lithuanian permission.
Reference number: 14 / LB000420Lithuanian licence and participant references.
Status at research cut-off: Current

Open exact Bank of Lithuania recordExact official entity record

Registry ID plus state / sponsor-bank modelUnited States

Nium US regulated entity

Issued / supervised by: US state money-transmission authorities via NMLSNMLS / state regulators
What the permission covers: US services only within the applicable state and sponsor structure.
Reference number: NMLS 1528562NMLS is a registry identifier, not one nationwide licence.
Status at research cut-off: Current; state-by-state scope requires checking

Overall entity structure: Nium Pte Ltd; Nium Fintech Ltd; UAB NIUM EU; Nium Europe BV; other regional entities
Overall record status: Current
Verified functions: Singapore: account issuance, domestic/cross-border transfer, merchant acquisition and e-money; regional payment principal; Coinbase/Circle perform disclosed stablecoin custody/conversion/settlement
Critical limitations: Singapore has no DPT service; UAE DIFC item is expansion/in-progress not a verified licence; US/India functions can be sponsor/partner supplied
Partner reliance: High: Coinbase custody/conversion, Circle settlement, sponsor banks and local payout partners
Open verification points: Final UAE permission; state-by-state US scope; post-Cypher regulated allocation
Primary and current sources: eservices.mas.gov.sg lb.lt

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

B · qualified

Onafriq

Hybrid regional licensed aggregator; name the verified entities and avoid the unsupported '16 licences' shorthand

Entity-specific regulatory recordsFCA: FRN 612459Bank of Ghana: No licence number published in the cited list4 separately classified records

Expand full record

Structure and permission

Onafriq

Hybrid regional licensed aggregator; name the verified entities and avoid the unsupported '16 licences' shorthand

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Authorised Payment InstitutionUnited Kingdom

Onafriq UK Ltd

Issued / supervised by: Financial Conduct AuthorityFCA
What the permission covers: Payment services within the firm's FCA scope.
Reference number: FRN 612459FCA Firm Reference Number; it does not state activity scope.
Status at research cut-off: Current

Search the official FCA register for FRN 612459Official register search

Enhanced Payment Service Provider licenceGhana

Onafriq Ghana Ltd

Issued / supervised by: Bank of GhanaBank of Ghana
What the permission covers: Payment services within the PSP Enhanced category.
Reference number: No licence number published in the cited listUse the legal entity name in the official list.
Status at research cut-off: Current in the cited official list

Open the official Bank of Ghana PSP listOfficial list. Search for the entity name.

PSSP / PTSP / Super-Agent permissionsNigeria

Capricorn Digital Ltd

Issued / supervised by: Central Bank of NigeriaCBN
What the permission covers: Payment Solution Service Provider, Payment Terminal Service Provider and Super-Agent activities as listed.
Reference number: No licence number published in the cited listUse the legal entity name in the official CBN list.
Status at research cut-off: Current in the cited official list

Open the official CBN payment-provider listOfficial list. Search for the entity name.

Payment-system aggregator authorisationDemocratic Republic of the Congo

MFS Africa SARL

Issued / supervised by: Banque Centrale du CongoBCC
What the permission covers: Authorised payment-system aggregator.
Reference number: No licence number published on the cited pageUse the legal entity name on the official BCC page.
Status at research cut-off: Current in the cited official page

Open the official BCC authorised-aggregator pageOfficial list. Search for the entity name.

Overall entity structure: Onafriq UK Ltd; Onafriq Ghana Ltd; Capricorn Digital Ltd; MFS Africa SARL; dated Beyonic Uganda entity
Overall record status: UK/Ghana/Nigeria/DRC current; Uganda current renewal not established
Verified functions: Regional aggregation/network services; acquired/local licensees perform permitted payment functions; banks, MNOs, wallets and PSPs deliver endpoints
Critical limitations: No blanket 16-country licence schedule; Nigeria Onafriq-branded entity not verified in CBN lists; Rwanda discrepancy; no group VASP/custody permission verified
Partner reliance: Very high: local banks, MNOs, PSPs and payout partners
Open verification points: Current Uganda/Rwanda/Tanzania/Mauritius evidence; complete group entity/licence table; stablecoin pilot allocation
Primary and current sources: bog.gov.gh cbn.gov.ng bcc.cd

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

B · qualifiedUAE relevant

TerraPay

Hybrid regional payment network with partner-enabled stablecoin settlement; delete unsupported CBUAE/RBI anchor claims

Entity-specific regulatory recordsFCA: FRN 542256Bank of Italy: Exact official reference not located in this pack3 separately classified records

Expand full record

Structure and permission

TerraPay

Hybrid regional payment network with partner-enabled stablecoin settlement; delete unsupported CBUAE/RBI anchor claims

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Authorised Payment InstitutionUnited Kingdom

Terra Payment Services UK Ltd

Issued / supervised by: Financial Conduct AuthorityFCA
What the permission covers: Payment services within the firm's FCA scope.
Reference number: FRN 542256FCA Firm Reference Number; this is not an EMI permission.
Status at research cut-off: Presented as current

Search the official FCA register for FRN 542256Official register search

Electronic Money Institution authorisationItaly / EEA

Terra Payment Services Srl

Issued / supervised by: Bank of ItalyBank of Italy
What the permission covers: E-money and payment services within the Italian permission.
Reference number: Exact official reference not located in this packDo not invent or infer a licence number.
Status at research cut-off: Company-presented as current; exact official record requires closure

Major Payment Institution licenceSingapore

Terra Payment Services Singapore Pte Ltd

Issued / supervised by: Monetary Authority of SingaporeMAS
What the permission covers: Payment services shown on the MAS record; no DPT service.
Reference number: No separate licence number recordedThe exact MAS entity page is the controlling identifier.
Status at research cut-off: Current

Open exact MAS institution recordExact official entity record

Overall entity structure: Terra Payment Services UK Ltd; Terra Payment Services Srl Italy; Terra Payment Services Singapore Pte Ltd; TerraPay Solutions India Pvt Ltd
Overall record status: UK/Italy/Singapore presented as current; UAE/India unsupported
Verified functions: UK payment transactions/money remittance; Singapore account issuance, cross-border transfer and e-money; TerraPay network aggregates sending and receiving institutions; Fipto supplies stablecoin infrastructure
Critical limitations: UK entity is not EMI; Singapore has no DPT; no CBUAE/DFSA or current RBI permission verified; exact contracting entity is not public for every deal
Partner reliance: Very high: receiving FIs/wallets/MNOs and Fipto perform endpoint/stablecoin legs
Open verification points: Official Bank of Italy entry/reference; exact customer entity; any claimed UAE/India licence number; Fipto custody/conversion allocation
Primary and current sources: fca.org.uk eservices.mas.gov.sg centralbank.ae

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

B · qualified

Thunes

Regional licensed payment network with partner-supplied stablecoin functions, not 'fully licensed' for every activity; identify 901921213 as a company number

Entity-specific regulatory recordsMAS: No separate licence number recordedFCA: FRN 7201675 separately classified records

Expand full record

Structure and permission

Thunes

Regional licensed payment network with partner-supplied stablecoin functions, not 'fully licensed' for every activity; identify 901921213 as a company number

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Major Payment Institution licenceSingapore

Thunes Asia Pte Ltd

Issued / supervised by: Monetary Authority of SingaporeMAS
What the permission covers: Cross-border money-transfer and other services shown in the MAS directory.
Reference number: No separate licence number recordedLocate the exact entity in the linked MAS official list.
Status at research cut-off: Current in MAS

Open the official MAS MPI listOfficial register list. Search for the entity name.

Authorised Payment InstitutionUnited Kingdom

TransferTo Mobile Financial Services Ltd

Issued / supervised by: Financial Conduct AuthorityFCA
What the permission covers: Payment services within the firm's FCA scope.
Reference number: FRN 720167FCA Firm Reference Number; it does not state activity scope.
Status at research cut-off: Current per Thunes' entity table; regulator-current extract not retained here

Search the official FCA register for FRN 720167Official register search

Payment InstitutionFrance / EEA

Thunes Payment Acquisition Services S.A.S.

Issued / supervised by: Autorité de contrôle prudentiel et de résolutionACPR
What the permission covers: Payment services within the French permission.
Reference number: 901921213 is a company number, not a licence numberDo not present the French corporate identifier as regulatory permission.
Status at research cut-off: Current per company entity table; official permission number not captured

Money Service Operator licenceHong Kong

Thunes Hong Kong Limited

Issued / supervised by: Hong Kong Customs and Excise DepartmentHong Kong CED
What the permission covers: Money-service operation within the Hong Kong MSO scope.
Reference number: 22-02-03095Hong Kong MSO licence reference disclosed by Thunes.
Status at research cut-off: Current per company entity table; direct register extract not retained here

Registry ID plus state permission stackUnited States

Thunes Financial Services LLC

Issued / supervised by: US state money-transmission authorities via NMLSNMLS / US states
What the permission covers: Money transmission only where state-authorised or otherwise covered.
Reference number: NMLS 2450368NMLS is a registry identifier, not one nationwide licence.
Status at research cut-off: Disclosed by Thunes; state-by-state scope requires checking

Open Thunes' public legal-entity tableCompany source; not a regulator register.

Overall entity structure: Thunes Asia Pte Ltd; TransferTo Mobile Financial Services Ltd; Thunes Payment Acquisition Services S.A.S.; Thunes Hong Kong Limited; Thunes Financial Services LLC
Overall record status: Singapore permission current in MAS; other entities and permissions current in Thunes' legal entity table but not all independently current in regulator records in this pack
Verified functions: Licensed regional payment principal and network; Singapore record shows cross-border money transfer only; partners supply stablecoin conversion/payout and local endpoints
Critical limitations: No global umbrella licence; no UAE licence verified; stablecoin issuance/custody/conversion must not be inferred from fiat permissions; French company number was previously mislabelled as the licence reference
Partner reliance: High: Network Partners, Circle and another licensed stablecoin payout provider perform key legs
Open verification points: Current ACPR/FCA/HK/US regulator extracts; exact order-document entity and stablecoin provider by product/corridor; full US state estate
Primary and current sources: eservices.mas.gov.sg thunes.com

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

B · qualified

Yellow Card

Licensed in specific anchor markets, partner-dependent elsewhere; never describe the brand as Africa-wide licensed

Entity-specific regulatory recordsNBFIRA: 11/1/5(1) (company-stated)FSCA: FSP 537902 separately classified records

Expand full record

Structure and permission

Yellow Card

Licensed in specific anchor markets, partner-dependent elsewhere; never describe the brand as Africa-wide licensed

Exact permission map

One card for each entity and regulatory basis

Each number below is labelled by what it actually is. Click a linked reference to open the exact official record, or the closest official register/list available.

Virtual Asset Service Provider licenceBotswana

Yellow Card Botswana Pty Ltd

Issued / supervised by: Non-Bank Financial Institutions Regulatory AuthorityNBFIRA
What the permission covers: Operation as a Virtual Asset Service Provider.
Reference number: 11/1/5(1) (company-stated)The cited regulator notice confirms the grant but does not display this number; treat the number as company-stated.
Status at research cut-off: Regulator evidence confirms licensed and operating

Open the NBFIRA licence-grant noticeOfficial grant notice. The number is not displayed.

Category I Financial Services ProviderSouth Africa

Yellow Card Financial South Africa Pty Ltd

Issued / supervised by: Financial Sector Conduct AuthorityFSCA
What the permission covers: Crypto-asset intermediary services within Category I scope.
Reference number: FSP 53790Financial Services Provider number; not payment or remittance authority.
Status at research cut-off: Appears on the latest official CASP list located, dated December 2024

Open the official FSCA authorised-CASP listOfficial list. Search for the entity or FSP number.

Overall entity structure: Yellow Card Botswana Pty Ltd; Yellow Card Financial South Africa Pty Ltd; other country entities
Overall record status: Botswana 2026 national risk assessment confirms Yellow Card was licensed and operating; South Africa authorisation appears in the latest official CASP list located, dated 2024
Verified functions: Botswana official material describes buying, selling, transfer and safekeeping; South Africa authorises crypto-asset intermediary services
Critical limitations: South Africa FSP does not itself authorise FX, remittance or direct payment-system access; AML registrations elsewhere are not operating licences; no blanket Africa permission; current 2026 FSCA status needs a fresh register extract
Partner reliance: High: banks, MNOs, custodians and local payout/FX providers complete corridors
Open verification points: Current entity/licence schedule for every marketed country; fresh FSCA status extract; official Botswana reference; local FX/remittance sponsors
Primary and current sources: nbfira.org.bw nbfira.org.bw fsca.co.za

Research record last verified 2026-07-22. Recheck the official register before opinion-date reliance.

Operating-model map

The structures used across the market

Use this section when you need to understand how functions are divided. Select a model to filter the company records above.

012 core rows

Neutral / customer-controlled infrastructure

The operator supplies rules, messaging, wallet policy tooling or connectivity. Regulated participants or customers contract, sign, control keys and remain responsible for the financial legs.

Examples: Circle CPN; Fireblocks Network
Why it matters: The strongest technology analogy, but only where participant control is technically and contractually real.

022 core rows

Licensed managed provider

A jurisdiction-specific regulated entity contracts for the payment, conversion or transfer outcome and uses other providers.

Examples: Ripple; dLocal; parts of BVNK and Bridge
Why it matters: The relevant permission belongs to the exact contracting entity, not the brand or every group company.

033 core rows

Split-provider / split-permission model

Separate payment, e-money and virtual-asset entities perform different legs, often with local payout partners.

Examples: Fuze; Hubpay + Aquanow; Bridge + Stripe
Why it matters: Two or more licences remain separate; they do not combine into a single umbrella permission.

047 core rows

Regional licensed network

Different group companies and local partners hold permissions for specific territories, functions and customer types.

Examples: Thunes; Nium; Onafriq; TerraPay
Why it matters: Global reach is an entity-by-entity and corridor-by-corridor map, not a single worldwide licence.

053 core rows

Matched principal / regulated dealer

A licensed dealer becomes principal to matched transactions or performs expressly authorised brokerage/advisory activity.

Examples: Zodia Markets AME; DKK Digital; GCEX
Why it matters: Back-to-back or low-risk execution can still be regulated principal dealing or brokerage.

062 core rows

Registration, exemption or partner-led

Registrations, supervisory records, exemptions and regulated partners support only identified functions.

Examples: Conduit; Arf / Huma
Why it matters: An AML or PSP registration and a partner's licence are not a general operating authorisation.

Licence-number guide

What each code actually means

A reference number may identify a licence, a regulated firm, a company or a registry entry. The label matters because those records are not interchangeable.

Example: VL/24/01/001

VL is the licence-reference prefix used on the Dubai VARA public register. The record belongs to Aquanow ME FZE. The number identifies the record. The linked page, rather than the number alone, states that the permitted activities are Broker-Dealer, Management and Investment, and Lending and Borrowing Services.

Open the exact Aquanow VARA record ↗

VL/…

Dubai VARA licence reference

Virtual Assets Regulatory Authority (VARA), Dubai, UAE

The prefix identifies a VARA licence record. The number does not, by itself, state which virtual-asset activities are permitted.

CMA-VASP-…

UAE Capital Market Authority VASP registration reference

Capital Market Authority (CMA), UAE

Shown as a registration identifier on relevant VARA records. It is not treated here as a second, broader activity licence.

F00…

DFSA public-register firm reference

Dubai Financial Services Authority (DFSA), DIFC, UAE

Use the linked firm page to read the actual Financial Services Permission, endorsements and restrictions.

Six-digit ADGM number

ADGM FSRA public-register / permission reference

Financial Services Regulatory Authority (FSRA), Abu Dhabi Global Market (ADGM), UAE

The number identifies the firm record. The activities and restrictions must still be read from that record.

FRN

FCA Firm Reference Number

Financial Conduct Authority (FCA), United Kingdom

An FRN locates a firm in the FCA register; it is not a description of the activities the firm may perform.

NMLS

US regulatory-system identifier

Nationwide Multistate Licensing System, United States

An NMLS ID is not one nationwide money-transmitter licence. State-by-state permissions and exemptions must be checked.

LEI

Legal Entity Identifier

Global legal-entity identification system

An LEI identifies the legal person. It is not a licence or regulatory permission.

Company number

Corporate-registration identifier

The relevant companies registry

A company number proves which legal person is being discussed; it does not authorise a regulated financial activity.

Further research

Seven additional comparators under review

These companies are relevant to the wider market, but the public evidence is not yet strong enough to place them in the 20-row core matrix.

Supplemental

BlindPay

Near-exact technology/partner analogue: stablecoin API, live quotes, no prefunding, virtual accounts, fiat payout and embedded compliance

Open details ↓

Public structure: Blind Pay Inc contracts for a B2B2C technology platform; wallets and money movement are allocated to Partners and Payment Vendors including Veem; current terms say BlindPay does not itself transmit, hold funds or provide banking
Verified or claimed permissions: Company discloses FinCEN MSB registrations for Blind Pay Inc and Blind Pay LLC and NMLS 2745309; expressly says it is not a state-licensed money transmitter; Brazil entity is in Resolution 520/2025 transition
Main caveat: MSB/NMLS listing is not state operating authority; precise vendor, wallet, quote, FX, instruction and corridor allocation requires contracts and regulator extracts
Sources: blindpay.com blindpay.com blindpay.com

Last reviewed 2026-07-22

Supplemental

Due

Very close one-API stablecoin/fiat bridge with virtual accounts, FX, local-rail payout, mobile-money coverage and partner/local-subsidiary structure

Open details ↓

Public structure: Due presents region-specific entities and locally regulated subsidiaries, with South Africa/Brazil entities connecting through licensed partners
Verified or claimed permissions: Company discloses Bulgarian and Spanish VASP registrations, US FinCEN MSB, Canadian FINTRAC MSB and Bank of Canada PSP registration
Main caveat: Claims such as licensed/compliant across 80+ markets overstate what the named registrations prove; official entity/register extracts and service-to-entity contracts are needed
Sources: opendue.com opendue.com due.readme.io

Last reviewed 2026-07-22

Supplemental

Juicyway

Close African stablecoin/FX/cross-border competitor and a useful technical-provider versus licensed-local-entity allocation

Open details ↓

Public structure: Juice Global Inc disclosure says it is technical partner; Nigeria remittance sits with Juice Technology Systems Ltd, FX with Sebastian BDC and deposit services with Dorben MFB; group terms also name UK and Canadian entities
Verified or claimed permissions: Current CBN IMTO list includes Juice Technology Systems Ltd; company discloses UK FCA 567416, US NMLS 2487107/FinCEN registration and Canadian registrations
Main caveat: Group legal pages use broad licensed wording and one page incorrectly calls FINTRAC MSB status a licence; verify UK/US/Canada permissions and stablecoin function by exact entity
Sources: juicyway.com cbn.gov.ng juicyway.com juicyway.com

Last reviewed 2026-07-22

Supplemental

Mural Pay

Explicit licensed-versus-partner split is unusually close to the proposed CrossFX allocation

Open details ↓

Public structure: Mural Networks Inc provides licensed money transmission where licensed; in other jurisdictions agreement switches to Mural Technologies Inc and Financial Partners process/disburse; Erebor provisions DDAs/FBO accounts
Verified or claimed permissions: Mural Networks Inc NMLS 2744530; public licensing page lists current state licences and references
Main caveat: Company licensing schedule should be checked against NMLS/state registers; stablecoin custody/conversion and exact Financial Partner vary by feature and customer
Sources: muralpay.com muralpay.com muralpay.com

Last reviewed 2026-07-22

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TransFi

Close API on/off-ramp, fiat/token exchange, wallet and payment product with three listed UAE entities; useful caution on group/entity opacity

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Public structure: Terms contract broadly with TransFi Inc and deem references to include an indicative changing affiliate list; transactions may be routed through custodians, processors, liquidity providers, exchanges and settlement partners
Verified or claimed permissions: Terms list US, Lithuania, Canada, Singapore, three UAE, India, Bahamas, Indonesia, Malta, Australia, Poland and Philippines entities, but do not give a reliable permission-to-service map
Main caveat: No current ESMA CASP match was identified for TransFi/MAXSERVICE24 in the checked central CSV; UAE/entity permissions remain unverified; do not present as a clean licensed precedent
Sources: transfi.com esma.europa.eu

Last reviewed 2026-07-22

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Triple-A

Current licensed managed stablecoin-payment and local-currency counter-model; directly tests any novelty claim based on one API and customer not touching stablecoins

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Public structure: Jurisdiction-specific Triple-A/Paytop entities provide stablecoin acceptance, conversion and payout under regional permissions
Verified or claimed permissions: MAS lists Triple A Technologies Pte Ltd as an MPI for domestic/cross-border transfer, merchant acquisition and DPT; company discloses Paytop SAS French PI plus MiCA CASP A2026-015 and US NMLS 2514255 state stack
Main caveat: Less Africa-specific and partly overlaps Ripple/BVNK; French and US permission/service scope still needs direct register extraction
Sources: eservices.mas.gov.sg triple-a.io triple-a.io

Last reviewed 2026-07-22

Supplemental

Verto

Strong UAE/Africa FX and payout comparator with direct current UAE permission; materially closer regionally than several functional core rows

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Public structure: VertoFX Ltd and its DIFC branch operate accounts, FX and payments; US activity uses Global Innovations Bank and VertoFX Ltd as service provider; Nigeria corridor supported by IMTO status
Verified or claimed permissions: DFSA F005704 since 2025-01-31 for Providing Money Services and Advising/Arranging on Money Services, with retail and client-asset endorsements; UK company discloses FCA EMI 901073; current CBN list includes VertoFX Ltd as IMTO
Main caveat: No operating stablecoin product was verified; exact regional contracting and local partner allocation remains required
Sources: dfsa.ae cbn.gov.ng vertofx.com

Last reviewed 2026-07-22

How to read this portal

Evidence grade is not a compliance score

It measures the completeness and authority of the public evidence supporting the entity-and-permission proposition.

A · regulator anchored

Current regulator anchor

The material entity and permission are anchored in current regulator evidence and materially consistent operational evidence.

B · qualified

Usable with qualification

The structure is useful, but a material entity, permission, territory or contractual allocation remains incompletely evidenced.

C · material gap

Material gap or conflict

A stale record, official inconsistency or missing authority prevents clean reliance without further verification.

Use limit

Structurally reconciled and source-aligned at the stated cut-off; not a legal opinion or substitute for an opinion-date register extract. Negative register searches are expressed as “not verified,” not proof that no permission exists.