FAQs

Who is BCB Group?

BCB Group is a leading global provider of business accounts and trading services for the digital asset economy. BCB Group was built to service the blockchain and cryptocurrency industry with the promise of providing durable financial infrastructure in a volatile environment and was created by established thought leaders in finance, regulation and technology.

.

What do we do?

We provide payments processing via our business accounts in dozens of fiat (such as GBP, EUR and CHF) for the pillars of the industry including Bitstamp, Crypto.com, Fireblocks, Galaxy, Gemini and Kraken. Our clients can trade FX and cryptocurrencies quickly and at scale, with market-leading value.

.

What type of customers do we offer our products & services to?

We service businesses in digital asset markets, from small to medium size enterprises, corporates and institutions. If you’re a crypto exchange, liquidity provider or market maker our products and services could help your business thrive. Crypto native at heart, we’re open to learning about your business model and how we could potentially support you if you operate within crypto or the digital asset economy.

You can get in contact with us by filling in our contact form.

.

Are we regulated?

Yes, BCB Payments Limited is regulated in the UK with Firm Reference Number 807377.

FCA search register: https://register.fca.org.uk/s/search

.

How is BCB Group regulated in the different jurisdictions?

BCB Group is regulated in the following jurisdictions:

UK: BCB Payments Limited holds an Authorised Payment Institution (API) licence in the UK, regulated by the FCA.

Switzerland: BCB Markets (Switzerland) LLC is incorporated under the laws of the Swiss Confederation in the canton of Zug with business identification number CHE-415.135.958. The company is an SRO member of VQF, an officially recognised self-regulatory organisation (SRO) according to the Swiss Anti-Money Laundering Act.

.

Does BCB Payments Limited accept cash or receive deposits?

BCB Payments Limited is an Authorised Payment Institution and does not accept cash or deposits, unlike a credit institution.

We only process payments which can be held in the business account for no longer than 30 days.

.

Does BCB Payments Limited offer correspondent banking services?

No, we do not offer correspondent banking services. You must not use your business account to provide your own customers or any third party (directly or indirectly) with financial services, or act as a correspondent institution for your own customers or any other third party. This includes using the accounts we have provided to you to provide current account services and related services, processing and/or execution of payments, trade transactions and processing of paper clearing needs (e.g. cheques) in a particular currency to your customers or any other third party. Our business accounts are provided solely for your personal use and not to provide banking services to your customers or any third parties.

For more information in relation to the Appropriate Use of Your Business Account please see our Appropriate Use Statement.

.

Does BCB Group safeguard funds?

BCB Payments Limited (BCBPL) is supervised by the Financial Conduct Authority as an Authorised Payment Institution (API). BCBPL is committed to conducting business openly, transparently and to the highest standards. As part of this commitment and in order to comply with regulatory requirements we protect any funds we hold on your behalf for the provision of a payments service through a regime mandated by the Payment Services Regulations 2017 and supervised by the FCA called ‘safeguarding’. Unlike holding money in a standard bank account, all of our clients’ funds are protected, regardless of the value.

Safeguarding is the obligation to identify and keep client monies segregated and protected from all other funds that our business may hold. Safeguarding ensures that your funds are always protected and can be returned to you should BCBPL enter into administration or liquidation. This obligation commences as soon as funds are identified as client monies and stops when funds are remitted to the clients’ recipient. BCBP is able to provide segregated accounts by partnering with regulated banks which offer safeguarding services.

.

How does BCBPL select the banks it partners with?

Protecting our clients’ money at all times is one of BCBPL’s core objectives. We exercise due skill, care and diligence in selecting, appointing and periodically reviewing banks who provide segregated accounts. We ensure that the banks we have carefully selected to partner with are the best fit. All of the banks that we have selected to partner with are authorised credit institutions in the UK, the EEA or another OECD member state.

.

Are there any rules in relation to the accounts my money is safeguarded in?

Yes, very strict rules apply to safeguarding accounts.

• The account must be named in such a way that shows it is a safeguarded account;
• The account must not be used to hold any other money, other than the monies of our clients;
• No one (other than BCBPL) has any interest in or right over the funds in the account;
• The safeguarding account must be held at a bank regulated in an OECD member state; and
• A letter must be provided by the bank to us confirming the safeguarding status of the account.

It is a requirement that banking partners warrant that the funds they are safeguarding will not be used to satisfy or offset any other obligation including those obligations imposed on BCBPL itself. This requirement will be fulfilled by the banking partners providing BCBPL with a safeguarding bank/custodian acknowledgement letter.

.

How would our clients get their money back if BCBPL were to go out of business?

In the event of BCBPL going out of business, a liquidator would be appointed to handle the distribution of BCBPL’s assets. Your money would not be subject to any insolvency claim and would be reconciled and returned to you in full and in a timely and orderly manner.

.

Are BCBPL clients covered under the Financial Services Compensation Scheme (FSCS)?

No – As an API, we are not in the scope of the FSCS, which has a cap of coverage of £85,000. An API, however, is required to safeguard the entire value of client funds, even where this is above £85,000, so is not subject to a cap.

If you have any further questions or would like to learn more about safeguarding please do reach out to us at [email protected]

Further resources on Safeguarding requirements:

• Regulation 23 of the Payment Services Regulations 2017
• Chapter 10 of the FCA Approach Document in relation to Payment Services and Electronic Money

What is the nature of BCB Group’s relationship with Modulr?

BCB Payments Limited is a partner of Modulr Finance B.V., a company registered in the Netherlands with company number 81852401, which is authorised and regulated by the Dutch Central Bank (DNB) as an Electronic Money Institution (Firm Reference Number: R182870) for the issuance of electronic money and payment services.

BCB Payments Limited is an EMD Agent of Modulr which means it provides payment services on behalf of Modulr. In this case, your account and related payment services are provided by Modulr Finance B.V. Your funds will be held in one or more segregated accounts and safeguarded in line with the Financial Supervision Act (Wet op het Financieel Toezicht, Wft). Modulr’s terms and conditions are here. Information in relation to how Modulr safeguards client funds is here.

BCB Payments Limited (Firm Reference Number: 807377) is also a registered EMD agent of Modulr FS Limited, a company registered in England and Wales with company number 09897919, which is authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573) for the issuance of electronic money and payment services. Your account and related payment services are provided by Modulr FS Limited. Whilst Electronic Money products are not covered by the Financial Services Compensation Scheme (FSCS) your funds will be held in one or more segregated accounts and safeguarded in line with the Electronic Money Regulations 2011 – for more information please see UK Safeguarding Explanation.

Understanding Phishing Scams

Q1: What are phishing scams?

Phishing scams are fraudulent attempts to obtain sensitive information such as usernames, passwords, credit card numbers, and other personal details by disguising as a trustworthy entity in electronic communications. These scams often use email, social media, text messages, or malicious websites to trick individuals into providing their private information.

Q2: How do phishing scams work?

Phishing scams typically follow these steps:

1. Bait: The scammer sends a message that appears to come from a legitimate source (like a bank, social media site, or employer).
2. Hook: The message creates a sense of urgency or curiosity, prompting the recipient to act quickly without thinking.
3. Catch: The recipient is directed to a fake website or asked to download an attachment, where they are prompted to enter personal information or download malware.

Q3: What are the common types of phishing scams?

Common types include:

• Email Phishing: Fraudulent emails that appear to come from reputable sources.
• Spear Phishing: Targeted phishing attempts directed at specific individuals or organizations, often using personalized information.
• Whaling: Phishing attacks aimed at high-profile targets such as executives or high-ranking officials.
• Smishing: Phishing attacks conducted through SMS/text messages.
• Vishing: Voice phishing scams conducted over the phone.
• Clone Phishing: Duplicate emails or messages that mimic legitimate ones, with malicious links or attachments.

Q4: What are the signs of a phishing scam?

 Signs include:

• Unsolicited emails or messages from unknown senders.
• Requests for personal or financial information.
• Messages that create a sense of urgency or fear.
• Poor spelling and grammar.
• Suspicious links or attachments.
• Email addresses or URLs that look slightly off (e.g., an extra letter or number).

Q5: How can I protect myself from phishing scams?

To protect yourself:

• Verify the source: Double-check the sender’s email address or phone number.

• Be cautious of unsolicited requests: Do not provide personal information in response to unexpected messages.

• Hover over links: Check the URL before clicking to ensure it directs to a legitimate site.

• Use security software: Keep your antivirus and anti-malware programs updated.

• Enable two-factor authentication (2FA): Adds an extra layer of security to your accounts.

• Educate yourself: Stay informed about common phishing tactics and new scams.

Q6: What should I do if I fall victim to a phishing scam?

If you fall victim:

1. Change your passwords: Immediately update passwords for any compromised accounts.
2. Notify your bank or credit card company: Alert them if financial information was provided.
3. Monitor your accounts: Keep an eye on your bank and online accounts for unauthorized activity.
4. Report the scam: Notify the relevant authorities, such as the Federal Trade Commission (FTC) or Anti-Phishing Working Group (APWG).
5. Scan your device: Use antivirus software to check for malware or viruses.

Q7: What are some real-world examples of phishing scams?

Examples include:

• Banking scams: Emails pretending to be from your bank asking you to verify your account details.
• Social media scams: Messages from friends or contacts whose accounts have been hacked, asking you to click on a link or download a file.
• Corporate scams: Emails appearing to come from your employer or a trusted company, asking for login credentials or sensitive information.
• Tech support scams: Calls or emails claiming to be from tech support, prompting you to install software that grants scammers access to your device.

Q8: How do phishing scams affect businesses?

For businesses, phishing scams can lead to:

• Data breaches and loss of sensitive information.
• Financial losses from fraud and theft.
• Damage to reputation and loss of customer trust.
• Legal consequences and fines.
• Operational disruptions and downtime.

Q10: How can businesses protect themselves from phishing attacks?

Businesses can:

• Implement robust email security protocols.

• Train employees to recognize and report phishing attempts.
• Use advanced threat detection and response tools.
• Regularly update security policies and software.
• Conduct phishing simulations to test employee readiness.

By understanding and recognizing phishing scams, both individuals and businesses can take proactive steps to protect themselves from these malicious attacks.

Q11: Where can I find more resources on phishing prevention?

For more resources:

• Visit cybersecurity websites like the Anti-Phishing Working Group (apwg.org) or the Federal Trade Commission (FTC) at ftc.gov.
• Check your email provider’s security and help sections.
• Look for online courses and tutorials on cybersecurity best practices.

By following these steps and remaining vigilant, you can significantly reduce the risk of falling victim to phishing scams and protect your personal information.

Phishing: What BCB Group Will Never Ask You to Do

Q1: Will BCB Group ever ask me for my password?

A1: No, BCB Group will never ask you to provide your password via email, phone, or any other form of communication. Your password is confidential and should only be entered on the official BCB Group login page.

Q2: Will BCB Group request my personal information through email or text messages?

A2: No, BCB Group will never request personal information such as your Social Security number, bank account details, or credit card numbers through email or text messages. We only collect such information through secure, official channels.

Q3: Will BCB Group send me unsolicited attachments or links?

A3: No, BCB Group will not send unsolicited attachments or links. If you receive an email with an unexpected attachment or link, do not open it. Instead, verify the authenticity of the message by contacting us directly through our official website or customer service number.

Q4: Will BCB Group ask me to verify my account via a link in an email?

A4: No, BCB Group will not ask you to verify your account by clicking a link in an email. Any requests for account verification will be done securely through our official website or mobile app.

Q5: Will BCB Group call me to ask for my secure PIN or OTP?

A5: No, BCB Group will never call you to ask for your secure PIN (Personal Identification Number) or OTP (One-Time Password). These details are private and should not be shared with anyone, including representatives of BCB Group.

Q6: Will BCB Group ask me to download software or applications from third-party websites?

A6: No, BCB Group will never ask you to download software or applications from third-party websites. Always download apps from official app stores or our official website to ensure security.

Q7: Will BCB Group ask me to transfer money to another account for verification purposes?

A7: No, BCB Group will never ask you to transfer money to another account for verification or any other purpose. Any such request is likely to be a phishing attempt and should be reported to us immediately.

Q8: Will BCB Group request remote access to my computer or device?

A8: No, BCB Group will never request remote access to your computer or device. If someone claiming to be from BCB Group asks for remote access, it is a scam.

Q9: Will BCB Group communicate urgent account issues via social media?

A9: No, BCB Group will not communicate urgent account issues through social media. Official communications regarding your account will be conducted through secure and established channels such as our website, app, or direct customer service contact.

Q10: What should I do if I receive a suspicious request that appears to be from BCB Group?

A10: If you receive a suspicious request:

1. Do not respond: Avoid replying to the message or providing any information.
2. Do not click on links or download attachments: These could be malicious.
3. Contact BCB Group directly: Use the contact information provided on our official website to verify the request.
4. Report the incident: Forward the suspicious email to our security team at [email protected]] or contact customer service to report the phishing attempt.

By understanding what BCB Group will never ask you to do, you can better protect yourself from phishing scams and ensure your personal and financial information remains secure.

How do I get in contact with BCB Group?

If you are an existing customer of BCB Group and you have any questions about your accounts, or our products and services, please contact our Customer Success Team via your dedicated customer channel.

If you’re not currently a BCB Group customer please fill in the contact form and a member from our team will be in touch shortly.

Regulatory Status Disclaimer

The information contained on our website and available on any associated public platforms, online social media accounts, podcasts, videos, webinars is not and should not be read as, an offer or recommendation to buy, sell or engage or a solicitation of an offer or recommendation to buy, sell or engage with any cryptocurrencies, digital assets, investment product or other service provided by BCB Group. Our website should not be seen as a recommendation to use any particular investment strategy over any other, and you should not base any investment decision solely on the basis of the information that we publish.

All past test outcomes and historical performance mentioned throughout this website and all publications from BCB Group does in no way infer similar future trading performance. Therefore, it is important that you understand the risks involved before you start trading in unregulated, high risk, speculative investments as it involves a greater degree of uncertainty and risk that the entire amount invested is lost.

Although reasonable care has been taken, we cannot guarantee the accuracy or completeness of any information we publish. Any comments that may be found in this website or other online resources are the expressed opinions and property of their individual authors. Any projections, forecasts, prospects and/or opinions as and when expressed in any of the materials we publish in this website are subject to change without notice and may differ or be contrary to opinions expressed by others as the online resources are the expressed opinions and property of the individual authors.

You should always carry out your own independent verification of facts and data before making any investment decisions. The information provided is intended solely for informational purposes and does not constitute professional financial, legal, or regulatory advice. This disclaimer serves to ensure compliance with the Financial Conduct Authority’s (FCA) Consumer Duty principles 3 and 4, which emphasise the importance of clear, fair, and not misleading communications.
We strive to adhere to the FCA’s Consumer Duty principles and are committed to providing accurate and fair information to consumers. However, should you have any questions or concerns regarding the content of this communication or require personalised advice, we encourage you to reach out to us or consult with a qualified professional.