Ripple to Acquire BC Payments Australia for Financial Services License

Ripple announced plans on March 11 to acquire BC Payments Australia to obtain an Australian Financial Services License (AFSL). According to BlockBeats, the transaction is expected to be completed by April 1. Once finalized, Ripple will secure the AFSL, which will become essential for some crypto companies to offer financial services in Australia. With the AFSL, Ripple aims to manage the entire transaction process for its payment business in Australia, including customer access, compliance, fund settlement, foreign exchange, liquidity management, and final payment, integrating traditional banking systems with digital asset networks. Over the past year, Ripple has been expanding its global compliance framework, securing payment-related licenses in Singapore, the United Arab Emirates, and the United Kingdom. Additionally, it has received conditional approval for a national trust bank charter in the United States. The company is also broadening its business scope through acquisitions, such as the purchase of institutional broker Hidden Road, now known as Ripple Prime.