Ripple Eyes April for Australian Finance License Deal

Ripple is pushing to secure an Australian Financial Services License through an acquisition it expects to close on April 1, adding another regulatory credential to a collection the company has been quietly building across multiple continents. The target: BC Payments Australia, a corporate entity tied to the European Banking Circle Group — and, more importantly, the AFSL attached to it.

The BC Payments Deal and What It Actually Buys

The acquisition isn't really about BC Payments as a business. It's about the license. Ripple said it will buy the Australian corporate entity, and with it, the Australian Financial Services License that regulators are preparing to make mandatory for crypto companies offering financial services in the country. The deal is expected to close April 1, according to comments from Ripple APAC managing director Fiona Murray, who spoke to The Australian.

Murray didn't hedge. She said there is "enough institutional interest in digital assets to warrant the investment for us" — and separately called Australia "a key market for Ripple" where an AFSL would give the company room to scale its payments operation across the country.

Australia is a key market for Ripple. An AFSL would strengthen our ability to scale our payments business throughout the country.

How Does Ripple's Australian Financial Services License Fit the Bigger Picture?

The Australian Financial Services License push is just one piece of what looks like a deliberate, accelerating global licensing strategy. Over the past year Ripple has landed payment licenses in Singapore, the UAE, and the UK. Earlier this year, it also received conditional approval for a national trust banking charter in the United States — a far rarer credential in crypto.

Alongside the licensing run, Ripple has been expanding what it can actually offer through acquisitions. Non-bank prime broker Hidden Road — now rebranded Ripple Prime — made Ripple the first crypto-native company to own and operate a multi-asset prime broker, handling clearing, financing, brokerage, derivatives, FX, and fixed-income for institutional clients. Corporate treasury platform GTreasury was another addition.

Then there's the product side. Ripple has been pushing harder on use cases for XRP and its Ripple USD stablecoin, RLUSD, with both acquisitions designed to open new institutional distribution channels.

Australia's Regulatory Clock Is Already Ticking

The timing of Ripple's move isn't accidental. Australia's Digital Asset Framework bill passed the lower house in February and is now sitting in the Senate. The Australian Securities & Investments Commission has proposed its own rules for the crypto sector and has been nudging trading platforms toward AFSL compliance — while publicly committing not to take enforcement action on licensing until at least June 30, 2026. That's a window, not a permanent reprieve.

Ripple isn't the only one racing to get compliant before the window closes. Coinbase is also seeking an AFSL in the coming months, according to Murray's comments reported by The Australian.

Will a Licensing Push Fix Australia's Crypto Debanking Problem?

Murray said she hopes the industry-wide move toward AFSLs will finally put pressure on Australia's banks to stop freezing out crypto customers. The "Big Four" — Commonwealth Bank, ANZ, National Australia Bank, and Westpac — have all applied restrictions on transfers to crypto exchanges at various points. It's been an industry headache for years.

At the XRP Australia conference on February 27, OKX Australia CEO Kate Cooper put it bluntly: "It's absolutely still a challenge in the industry. I don't think there's been any improvements. And we're working hard with governments to encourage them to set some standards around it."

Regulatory credibility might soften the banks' stance. Or it might not. But Ripple is clearly betting that showing up with an AFSL does more for its Australian ambitions than waiting for the banks to come around on their own.

It's absolutely still a challenge in the industry. I don't think there's been any improvements. And we're working hard with governments to encourage them to set some standards around it.