London-based BCB Group announced that its subsidiary, BCB Payments Ltd., is the first company to have secured Authorised Payment Institution (API) licence from the UK’s Financial Conduct Authority.
B2B Payment Services
Even though the crypto market is poorly serviced by mainstream banks, BCB has a dedicated focus on B2B payment services including business accounts and cryptocurrency market liquidity for some of the world’s largest crypto-engaged financial institutions, including Bitstamp, Coinbase, Galaxy and Tagomi.
BCB Payments had been registered with the FCA since June 2018 as a Small Payment Institution, meaning it is not overseen by the regulator. The company said it has now been “upgraded” to an Authorized Payment Institution license, i.e. regulated by the FCA.
Officially regulated in both the U.K. and Switzerland
BCB Group now holds two regulatory approvals to offer cryptocurrency-related services in European region. BCB Payments sister firm, BCB OTC Trading SARL, is already regulated in Switzerland as it’s overseen by the Financial Services Standards Association, a self-regulatory organization recognized by the Federal Financial Market Supervisory Authority.
As it seems now that BCB Group is now the only dually regulated institution of its kind to offer customers a unified suite of payment services, crypto trading and custody services. The company’s platform is enabled with its proprietary application programming interface and integration into the R3’s blockchain network Corda.
The firm anticipates that the new licence will allow it to attract new international clients in the UK and Switzerland.
Oliver von Landsberg-Sadie, founder and CEO of 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.”
BCB Group has experienced an average monthly growth rate of 207% while on-boarding more than 140 corporate clients in 32 countries.