Xace

Xace is a business payments provider for specialist sectors, and it explicitly includes crypto companies among its clients. Its other client groups are gaming businesses and regulated prediction markets. The legal entity is Xace Limited, with an office at 71-75 Shelton Street, London.

Structure in the UK

In the United Kingdom, e-money accounts and related payments are provided by Modulr FS Limited, with Xace acting as its EMD agent. Xace also holds separate payment services under its own permissions. It is therefore an EMI agent and payment services provider and not a bank. Regulators named are the FCA for Modulr FS and the relevant Xace permissions, and DNB for Modulr Finance B.V.; Xace Canada is registered with FINTRAC as a foreign money services business.

Services

The listed services are specialist-sector payment accounts, multi-currency payments and operational payment infrastructure. The accounts are payment or e-money accounts for fiat currencies. Their scope for crypto-related companies is fiat account and payment infrastructure, and onboarding restrictions depend on the legal entity.

Protection of funds

E-money products are not covered by FSCS. Funds are safeguarded in segregated accounts by the relevant Modulr entity under UK and Dutch e-money rules.

What to confirm

Fees, limits, supported currencies and the exact sectors accepted are not given in the published description.