The UK Financial Conduct Authority has licensed BCB Payments Limited as the first and only crypto-focused Authorised Payment Institution in the country. The company provides business accounts and cryptocurrency market liquidity for some of the world’s largest crypto-engaged financial institutions, including Bitstamp, Coinbase, Galaxy and Tagomi.
Global digital financial services group BCB Group made the announcement today about the securing of the Authorised Payment Institution (API) licence. BCB Payments’ sister company, BCB OTC Trading SARL, is already regulated by the VQF, an SRO of FINMA, in Switzerland. Their services are aimed at cryptocurrency exchanges, market makers, brokers, investment managers, hedge funds and digital asset investment funds.
Oliver von Landsberg-Sadie, Founder and CEO, BCB Group, said:
“This regulatory approval for our firm, a leading crypto-dedicated payment service provider, is a testament to how we’re able to push ahead with digital asset innovation while remaining in full compliance with some of the most stringent regulations in force globally.”
“Our clients demand robust technology and services to continue to innovate in digital markets. We believe BCB Group is the only crypto-dedicated financial institution regulated in this way globally, positioning us for a further year of strong growth as we continue developing the quality and breadth of our services for business clients across the world.”
BCB Group is the only dual regulated institution of its kind in the UK to offer clients a complete end-to-end suite of payment processing, cryptocurrency trading and custody services accessible through a unified API-enabled platform, allowing clients to access a complete range of digital asset services in one place.
The granting of this licence by the FCA further supports BCB Group’s onboarding and servicing of global clients within its fully regulated UK and Swiss payments structure, allowing them to trade and operate frictionlessly, supporting flexibility and efficiency across both digital and traditional financial markets.
By providing unified infrastructure covering global payment rails, FX services, cryptocurrency liquidity and digital custody, BCB Group’s products have been specifically designed to cater to the needs of blockchain companies, market trading venues and buy-side financial institutions, providing much-needed core infrastructure supporting this highly technical asset class. Over the year ending 2019, the firm has demonstrated robust growth, onboarding over 140 corporate clients in 32 countries, with an average monthly volume growth of 207 percent.
Founded in the UK and developed to encompass key relationships within the UK and Swiss financial services communities, BCB Group is Europe’s leading payment services provider for cryptocurrency and blockchain institutions. BCB Group’s executive team has worked for Barclays, Credit Suisse, Deutsche Bank, Investec, Lloyds Commercial Bank, Norton Rose Fulbright, FIS and Sun Life of Canada.
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