BCB Group is pleased to announce that its subsidiary, BCB Payments Limited, is now registered with the Financial Conduct Authority (FCA) under the Payments Services Regulations 2017 as a money remitter.

BCB customers wishing to trade between fiat currencies and cryptocurrencies on BCB Group’s trading platform can now onboard with BCB Payments and send fiat funds to, and receive fiat funds from, an FCA registered counterparty.

BCB Group believes that BCB Payments is the first cryptocurrency-related institution in the UK to have received this category of regulatory permission.

BCB Payments has also applied for registration with HM Revenue and Customs under the UK anti-money laundering regulatory regime. All BCB Group companies operate anti-money laundering procedures at an equivalent level to that of BCB Payments.

Although cryptocurrency trading per se remains an activity unregulated by the FCA, BCB Group believes that BCB Payments’ success in obtaining FCA registration is an important step in an ongoing process to bring cryptocurrencies into the mainstream investment environment and create best practice for customer onboarding and KYC/AML procedures in this market.

Further detail: BCB Payments Limited, a BCB Group company, is registered with the FCA under the Payment Services Regulations as a small payment institution. BCB Payments has also applied for registration with HM Revenue and Customs under the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017.

Oliver is a qualified solicitor and partner at Pemberton Capital LLP, a boutique private equity investment house. Oliver is a subject matter expert on legislation and regulation of cryptocurrencies in the UK and Europe, and as such has laid the groundwork for a pre-compliant operation at BCB Group. He is an advisor and founder shareholder of BCB Group.