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.

About BCB Group

BCB Group comprises BCB Prime Services Ltd (UK), BCB Payments Ltd (UK), BCB Digital Ltd (UK) and BCB Prime Services (Switzerland) LLC. BCB Payments Ltd is regulated by the Financial Conduct Authority, no. 807377, under the Payment Services Regulations 2017 as an Authorised Payment Institution. BCB Prime Services (Switzerland) LLC, a company incorporated under the laws of the Swiss Confederation in the canton of Neuchâtel with business identification number CHE-415.135.958, is an SRO member of VQF, an officially recognized self-regulatory organization (SRO) according to the Swiss Anti-Money Laundering Act.

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.