Want to know more about BCB Group’s product offerings and solutions?
Our FAQ section can help.
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 Prime Services (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 Moulr 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.
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.