Aave’s Push Secures UK FCA Registration for Zero‑Fee Euro Ramps

Aave Labs announced on May 28 that its UK subsidiaries, Push Labs Limited and Push Virtual Assets Limited, received registration from the Financial Conduct Authority as cryptoasset exchange providers. The FCA granted the registrations on May 12, 2026, under numbers 1031720 and 1031721.

The registrations permit the two Push entities to carry out cryptoasset exchange activities, specifically exchanging cryptoassets for fiat currency and vice versa, under the UK’s anti-money-laundering rules.

Push already holds an Electronic Money Institution authorization in the UK (firm reference number 900984) that allows the company to issue electronic money and process fiat transactions. Aave Labs says the EMI authorization combined with the FCA cryptoasset exchange registration covers the full on- and off-ramp workflow between bank accounts and stablecoin wallets in the UK.

Push plans to offer zero-fee conversions between euros and stablecoins without platform fees or embedded spreads for transfers between bank accounts and crypto wallets.

Push Virtual Assets Ireland Limited secured authorization under the EU framework in November 2025, providing a passport to operate across the 30-country European Economic Area. The FCA registration applies only to the UK, while the Ireland authorization supplies EEA coverage.

The announcement coincided with wider market developments: the stablecoin market reached about $322 billion and SoFiUSD launched as the first stablecoin issued by a U.S. national bank.

The FCA registrations were issued under the existing Money Laundering Regulations rather than the planned full crypto authorization regime. Firms registered under the current AML framework must apply separately for authorization when the new UK crypto regime is introduced.

Aave Labs CEO Stani Kulechov wrote that the approvals “provide the regulatory foundation to deliver next-generation, zero-fee onchain consumer financial products in the UK.” An Aave Protocol post added, “Aave Labs is building for the next million users, and regulated products with zero-fee stablecoin on/off-ramping are necessary to do it.”

The FCA has rejected or withdrawn crypto registration applications from a number of firms since 2021. The new registrations for Push were granted under the current AML framework and do not automatically confer authorization under the UK’s upcoming full crypto regime.