EU CRYPTO REGISTER · AUTHORISED · LAST VERIFIED
Is BVNK licensed under MiCA in the European Union?
BVNK's European entity (System Pay Services (Malta) Limited) is recorded as an authorised Crypto-Asset Service Provider under the EU's Markets in Crypto-Assets Regulation, with its authorisation issued by Malta on 13 February 2026.
Verdict: BVNK appears in the ESMA Register of MiCA-Authorised CASPs.
| Legal entity | System Pay Services (Malta) Limited |
|---|---|
| Home Member State | Malta |
| National Competent Authority | Malta Financial Services Authority (MFSA) |
| Authorisation date | |
| Legal Entity Identifier (LEI) | 984500640Z8ADE893D04 |
| Authorised services | Custody, Exchange for funds, Exchange for crypto, Order execution, Transfer services |
Source: ESMA Register of Crypto-Asset Service Providers. Retrieved 30 June 2026.
About BVNK
BVNK is the trading name of System Pay Services (Malta) Limited (company registration C66961), the Malta-incorporated entity within the BVNK group. It is not a consumer crypto exchange, custodian bank or asset manager but a business-to-business provider: BVNK describes itself as 'enterprise-grade payments infrastructure for stablecoins' aimed at accelerating global money movement for businesses rather than retail spot trading, savings or staking. According to BVNK's own materials its clients include payments and fintech firms such as Worldpay, Circle, Deel and dLocal. Sources: bvnk.com, BVNK About Us
Research summaries describe BVNK as a multi-asset, multi-rail crypto-asset service provider whose stablecoin infrastructure supports EUR and SEPA payments; BVNK states this enables transfers across 50+ countries and 20+ currencies. The provider is multi-asset rather than Bitcoin-only, and its services are framed around stablecoin payments and settlement for enterprises rather than retail products such as savings plans, staking or payment cards. Source: BVNK Home
On the legal point, the contracting entity is System Pay Services (Malta) Limited, authorised and regulated by the Malta Financial Services Authority (MFSA). Under MiCA it is recorded in the ESMA register for the following crypto-asset services: custody and administration of crypto-assets, exchange of crypto-assets for funds, exchange of crypto-assets for other crypto-assets, order execution, and transfer services for crypto-assets. The MiCA authorisation covers these activities and does not, by itself, extend to crypto-asset services outside that list. France's AMF lists the Malta entity on its CASP white list, reflecting passporting of these services into France. Sources: AMF CASP white list, BVNK licences page
Which crypto services is BVNK authorised to offer in the EU?
Under its MiCA authorisation issued by Malta Financial Services Authority (MFSA), BVNK (System Pay Services (Malta) Limited) is approved to provide the following services to EEA residents. Each service is defined in Article 3(1)(16) of Regulation (EU) 2023/1114.
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Providing custody and administration of crypto-assets on behalf of clients
The exchange holds your crypto in its own wallets. Authorisation here means MiCA's segregation and insurance rules apply: client crypto-assets must be ring-fenced from the exchange's own funds.
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Exchange of crypto-assets for funds
The exchange offers crypto-to-fiat (e.g. BTC to EUR) and fiat-to-crypto conversion. Authorisation here implies MiCA's pricing transparency requirements.
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Exchange of crypto-assets for other crypto-assets
The exchange offers crypto-to-crypto trading (e.g. BTC to ETH). Required for most spot trading pairs not denominated in fiat.
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Execution of orders for crypto-assets on behalf of clients
The exchange can place orders for you on third-party venues (smart-routing). Less common in retail crypto; relevant for brokerage-style services.
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Providing transfer services for crypto-assets on behalf of clients
The exchange can move crypto between addresses on your behalf, including off-platform withdrawals. The Travel Rule applies to these transfers.
Which services is BVNK not authorised to offer?
BVNK's MiCA licence does not cover: Trading platform, Placing, Order R&T, Advice, Portfolio mgmt. These services may still be offered by other authorised providers, or by BVNK under a different regulatory framework (for example, derivatives may fall under MiFID II rather than MiCA). Source: ESMA Register, retrieved 30 June 2026.
See other MiCA-authorised exchanges by service:
Why is BVNK licensed in Malta?
Malta was an early MiCA mover, granting the first authorisations on 27 January 2025. The MFSA had pre-existing experience under Malta's Virtual Financial Assets Act (2018), which gave it institutional readiness most other national competent authorities lacked. Several global exchanges chose Malta for their EU passporting hub, including OKX, Crypto.com and Gemini. Source: Malta Financial Services Authority (MFSA).
| National Competent Authority | Malta Financial Services Authority (MFSA) |
|---|---|
| Investor compensation | Malta Investor Compensation Scheme provides limited cover; check directly with MFSA for crypto-specific scope. |
| Regulatory context | Malta hosts the highest number of MiCA-authorised CASPs from major global brands. |
What does this mean for users of BVNK in the EU?
If you transact through BVNK's EEA-authorised entity (System Pay Services (Malta) Limited), the protections introduced by MiCA apply to your relationship from onwards. In practical terms this means: client crypto-assets are ring-fenced from the exchange's own funds (Article 70 MiCA), the authorised entity holds prudential capital, has formal complaint-handling procedures, and is subject to transparency obligations on fees and order execution. Source: Regulation (EU) 2023/1114.
One thing to verify yourself: the legal entity you contract with day-to-day must match the entity in the ESMA register. Some global exchanges operate multiple legal entities under one brand. Confirm in BVNK's terms of service that your contracting entity is System Pay Services (Malta) Limited, not a non-EEA affiliate.
Which MiCA-authorised exchanges are alternatives to BVNK?
Three MiCA-authorised providers to consider. Drawn from the ESMA register, never paid placement.
| Provider | Home Member State | Authorised | Services |
|---|---|---|---|
| Alaric Securities | Bulgaria | 9 services | |
| OKX | Malta | 9 services | |
| Kraken | Ireland | 8 services |
Related reading
Understand the regulatory context behind BVNK's entry on the register:
Frequently asked questions about BVNK and MiCA
Is BVNK licensed under MiCA?
Yes. BVNK appears in the ESMA Register of MiCA-Authorised Crypto-Asset Service Providers, with its authorisation issued by the competent authority of Malta.
Which EU countries can BVNK serve under this licence?
A MiCA authorisation in one EEA member state permits passporting across all EEA member states, subject to a notification process to each host-state regulator.
Are my crypto-assets on BVNK protected under MiCA?
MiCA introduces ring-fencing of client crypto-assets, prudential capital requirements for the authorised entity, complaint-handling obligations, and conduct rules. It does not provide a deposit-guarantee scheme equivalent to bank deposit insurance.
What's the difference between the authorised entity and the global brand?
Some global exchanges operate multiple legal entities. The MiCA authorisation applies only to the specific legal entity in the ESMA register, not to the global brand. Verify the contracting entity in BVNK's terms of service.
Where can I check the official record?
The ESMA register publishes the authoritative list and updates it weekly. The direct link to BVNK's entry is on this page under 'Sources'.
Sources
This page is updated weekly. Last verified . If you believe any information on this page is inaccurate, write to our contact page.