UK FCA approves BCB Group as a First Crypto Company to be approved as a payment entity

... Credit : thetokenist
Shadrach   in Crypto & Trading

Last updated: 06 February 2020, 08:28 GMT

BCB Payments Limited has been authorised by the UK Financial Conduct Authority as the country's first and only cryptofocused Authorized Payment Institution. For some of the world's largest crypto-engaged financial institutions, including Bitstamp, Coinbase, Galaxy and Tagomi, the company provides business accounts and crypto-currency market liquidity.

BCB Group, a global digital financial services group, today announced the obtaining of the Authorized Payment Provider (API) license. The sister company BCB Payments, BCB OTC Trading SARL, is already regulated in Switzerland by the VQF, an FINMA SRO. Our offerings are targeted towards cryptocurrency exchanges, industry suppliers, brokers, inve

Promoted Recommendations

BCB Group's founder and CEO, Oliver von Landsberg-Sadie, said:

This regulatory approval for our company, a leading crypto-dedicated payment service provider, is a testament to how we can drive digital asset advancement forward while staying in full compliance with some of the most stringent regulations in place globally.

Our consumers are seeking reliable technologies and infrastructure for sustained competition in emerging markets. We agree that BCB Group is the only crypto-dedicated financial institution that is governed internationally in this manner, preparing us for a further year of strong growth as we continue to develop the scope and breadth of our business customer services around the world.

CB Group is the only dual controlled organization of its kind in the UK to offer customers a comprehensive end-to-end suite of payment processing, crypto-currency trading and custody services available through a single API-enabled portal, allowing consumers to access a full range of digital asset resources in one place.

The FCA's issuance of this license further facilitates the onboarding and servicing of BCB Group's multinational clients within its fully regulated UK and Swiss payment system, enabling them to exchange and work frictionlessly, promoting stability and performance across both emerging and conventional finance sectors.

Through offering centralized networks spanning global payment platforms, FX markets, crypto-currency liquidity and digital custody, BCB Group's offerings have been expressly designed to meet the demands of blockchain firms, market trading locations and buy-side financial institutions, delivering the much-needed core infrastructure enabling this highly technical asset class. The company reported robust growth over the year ended 2019, embarking on more than 140 corporate customers in 32 countries with an average monthly volume growth of 207 per cent.

BCB Group is the leading European payment services provider for cryptocurrency and blockchain institutions, established in the UK and developed to encompass key relationships within the UK and Swiss financial services communities. For Barclays, Credit Suisse, Deutsche Bank, Investec, Lloyds Commercial Bank, Norton Rose Fulbright, FIS and Sun Life of Canada, BCB Group's executive team has worked.