Transak
exchangeTransak is a non-custodial fiat-to-crypto on-ramp registered with the FCA (UK) and FinCEN (US), with a data breach reported in October 2024.
Platform Information
Founded
Headquarters
Two-Factor Authentication
An extra login step that protects your account even if your password is stolen.
Custodial
The platform holds your crypto on your behalf — you don't control the private keys.
KYC Required
Know Your Customer — you must verify your identity before trading or withdrawing.
Proof of Reserves
The platform publicly proves it holds enough assets to cover all customer funds.
Insurance
Customer funds are covered by insurance in the event of a hack or platform failure.
Supported Chains
About Transak
Transak is a fiat-to-crypto on-ramp and off-ramp infrastructure provider founded in 2019 and headquartered in London. It operates primarily as a B2B API service embedded into wallets and decentralised applications — users encounter Transak through a host platform such as MetaMask, Coinbase Wallet, or one of 600+ integrated projects rather than as a standalone exchange. Purchased crypto is delivered directly to the user's destination wallet address; Transak does not hold user funds.
Security
- Non-custodial model: crypto is never held by Transak — assets go directly to the user's destination wallet address
- SOC 2 Type II certified and ISO/IEC 27001 v2022 compliant
- Multi-level KYC with ongoing transaction monitoring aligned to AML regulations across all operating jurisdictions
- No proof-of-reserves obligation applies, as Transak does not maintain crypto balances on behalf of users
Regulation
- UK: Transak Limited is registered with the Financial Conduct Authority (FCA) as a crypto asset firm
- US: Transak USA LLC is a registered Money Services Business (MSB) with FinCEN (MSB #31000300682483); holds money transmitter licences in multiple US states including Alabama, Delaware, Illinois, and Missouri
- Canada: Registered with FINTRAC as a Money Services Business
- Australia: AUSTRAC registered as a Digital Currency Exchange Provider
- Poland: Recognised as a Virtual Asset Service Provider (VASP)
- India: Registered with FIU-India as a Virtual Digital Assets Service Provider
- UK FCA registration does not extend FSCS or Financial Ombudsman Service protection to users for crypto asset losses
Incident History
- October 2024: Transak disclosed a data breach affecting approximately 92,554 users (around 1.14% of its user base). A phishing attack compromised an employee's laptop and gave an attacker access to a third-party KYC vendor's systems. The exposed data included names, dates of birth, and government-issued identity documents; no financial data or payment credentials were accessed. Transak engaged external forensic firms and a related US class action lawsuit was settled for $601,000.
Known Limitations
- Fees are layered (service charge, payment processor fees, and exchange rate spread) and may not be transparent before transaction completion
- Some users report delayed transfers and unresolved customer support cases
- No FSCS or Financial Ombudsman protection applies to crypto transactions
Security & Score
Platform Safety Score
Based on incident history, security features, and track record
Security Features
Regulatory Information
Regulated In
Jurisdictions where this platform is officially licensed and subject to financial oversight.
Area Served
Countries or regions where this platform is available to users.
Notes
FCA registered in the UK.
Incident History
No incidents recorded for this platform.
Frequently Asked Questions
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