Payment processor connecting UK crypto companies with the banking system BCB GroupIt has been stated that an investigation launched by the UK’s financial services regulator last year is now closed. A “s166 notice” was sent to BCB by the Financial Conduct Authority (FCA) at the end of 2023, according to two sources familiar with the matter. The investigation concluded in what a source close to BCB described as positive.
BCB Aims to Expand Its License
BCB is currently looking to expand its license FCA It has constructive discussions with. Another source close to the issue stated that this process is progressing positively. BCB Group CEO Oliver TonkinIn his statement via e-mail, BCB Group has always adopted a compliance-oriented approach in all its business activities and continues to do so. We have a transparent dialogue with our regulators across all our licensed business units and maintain a positive relationship with the FCA. “We have received permission to expand our regulatory structure in the UK as per our wishes,” he said.
BCB provides banking services to the largest institutions in the cryptocurrency world. Last year in the USA crypto friendly banksFollowing the collapse of , the importance of such payment companies increased even more. Among the cryptocurrency exchanges served by BCB bitstamp, Crypto.com, Gemini And kraken There are big players like.
Type of Investigation Uncertain
Although it is not clear what type of investigation BCB is subject to, it is known that the FCA sends s166 notices to approximately 50 companies each year. Such reviews are conducted because of concerns about whether a company meets regulatory requirements. The FCA can also initiate an investigation if there is suspicion of potential market abuse or irregularities.
On the other hand, former compliance officer of BCB Group Natasha Powellhad recently left his post and in November kraken It was reported that he will start working as the stock exchange’s UK head of compliance. Powell will remain affiliated with BCB as an independent director of BCB Payments.
With all this, BCB Group came to the fore after receiving a takeover offer from an anonymous investor in recent months. This interest arose as the company sought a Series B investment round.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
