BCB Group First Crypto-Focused Company to be Regulated as Authorised Payment Institution
London, 29 January 2020 – Global digital financial services group BCB Group today announced that its core operating subsidiary, BCB Payments Limited, has secured its Authorised Payment Institution (API) licence from the UK Financial Conduct Authority, establishing itself as the first and only crypto-focused Authorised Payment Institution. In a market 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’ sister company, BCB Prime Services (Switzerland) LLC/Sarl/GmbH, is already regulated by the VQF, an SRO of FINMA, in Switzerland.
BCB Group is the only dual regulated institution of its kind 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. With its proprietary API and integration into the Corda network with partner LAB577, BCB remains at the cutting edge of payments technology.
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 average monthly volume growth of 207%.
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’s services are aimed at cryptocurrency exchanges, market makers, brokers, investment managers, hedge funds and digital asset investment funds.
BCB Group: Building on established foundations
Responding to institutional demand for operational best practice in the cryptocurrency market, BCB Group was created by established thought leaders in finance, regulation and technology. 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 have worked for Barclays, Credit Suisse, Deutsche Bank, Investec, Lloyds Commercial Bank, Norton Rose Fulbright, FIS and Sun Life of Canada.
BCB Group is Europe’s leading crypto-dedicated payment services provider, serving some of the industry’s largest clients including Bitstamp, Coinbase, Galaxy and Tagomi. BCB Group provides payment services in 20+ currencies, FX, cryptocurrency liquidity and digital asset custody.
BCB Group comprises BCB Prime Services Ltd (UK), BCB Payments Ltd (UK), BCB Digital Ltd (UK) and BCB Prime Services (Switzerland) LLC/Sarl/GmbH. 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 LLC/Sarl/GmbH, 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.
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