Aave Labs’ UK subsidiaries, Push Labs Ltd. and Push Virtual Assets Ltd. — known together as Push — have received Financial Conduct Authority (FCA) cryptoasset registration as cryptoasset exchange providers under the UK’s current Anti-Money Laundering regime.
The registration was obtained for “certain cryptoasset activities” and supports the decentralized finance company’s plans to build regulated stablecoin on- and off-ramping infrastructure in the UK, Aave announced Thursday. The FCA’s online registry shows the London-headquartered firm has been registered with the regulator since May 12.
Push describes itself as a “simple way to move between Euros and stablecoins.” The platform enables users to convert between euros and stablecoins with no fees or spreads, offering on- and off-ramping between bank accounts and crypto wallets. The service is non-custodial, meaning Push does not hold users’ funds — stablecoins are transferred directly to users’ crypto wallets.
Push is currently available to residents of Ireland and says it is expanding across Europe, with support for additional European Economic Area countries launching soon. Competing services include Coinbase’s onramp, which offers zero fees for USDC transfers on Base, as well as Ramp Network, Bleap, and Alchemy Pay.
The approval comes as the UK moves toward implementing comprehensive crypto regulation under the Financial Services and Markets Act (FSMA), effective October 2027. That framework will require crypto companies to obtain full FCA authorization to conduct activities such as trading or custody. The FCA has previously stated that existing registration under Money Laundering Regulations will not automatically carry over to authorization under the new regime.
“Aave Labs is building for the next million users, and regulated products with zero-fee stablecoin on/off-ramping are necessary to do it,” Aave said in an announcement on X.
Aave is the largest decentralized lending protocol and the second-largest DeFi protocol by total value locked, with $13.6 billion in TVL according to DefiLlama. The regulatory development follows a decision by Aave’s DAO last April to grant Aave Labs $25 million in stablecoins and 75,000 AAVE tokens under the “Aave Will Win” framework, aimed at accelerating the protocol’s growth and funding operations.
Source: Aave Labs’ Push Unit Wins UK FCA Crypto Registration for Stablecoin Ramps