Transak Limited

The principal activity of the Company during the year was the provision of fiat-to-crypto and crypto-to-fiat on-ramp and off-ramp infrastructure and related services to customers and business partners in the United Kingdom.The Company is a wholly owned subsidiary of Transak Inc. The Company operates as a distributor of the Parent’s products and services in the UK under a value-added reseller agreement. The Company is a registered crypto asset firm with the UK Financial Conduct Authority (“FCA”) (Firm Reference Number 928910) under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (as amended) in respect of its activities in crypto assets. As an FCA-registered cryptoasset business under the UK Money Laundering Regulations, the Company is subject to the FCA’s supervision in respect of anti-money-laundering, counter-terrorist-financing and related systems and controls. The Company is not authorised by the FCA to carry on other regulated financial services activities under the Financial Services and Markets Act 2000. Prior year restatement During the year, management completed a reassessment of the Company’s revenue flows. As a result of this review, it was determined that revenue should be recognised on a gross basis, as the Company acts as principal in the underlying transactions. This represents a change from the previous presentation, where revenue was reported on a net basis. The comparative information for the year ended 31 December 2023 has therefore been restated to reflect this revised assessment. Management also identified certain other adjustments relating to prior periods, which have been reflected in the comparative information and explained further in Note 19. These adjustments primarily relate to the correction of prior period errors identified during the preparation of the current year financial statements.