UK Financial Service Provider to Coinbase, Bitstamp Awarded FCA Payments License

An organization that gives monetary providers for cryptocurrency corporations together with Coinbase, Bitstamp and Galaxy Digital has been awarded a funds license by the U.Ok.’s Monetary Conduct Authority (FCA).

London-based BCB Group introduced the information Wednesday, saying its subsidiary, BCB Funds Ltd., is now the “first and solely crypto-focused” firm to have be registered as an Authorised Fee Establishment within the U.Ok.

With British banks reluctant to interact with crypto corporations, BCB is one among few choices out there. The agency mentioned it takes a “devoted concentrate on B2B cost providers together with enterprise accounts and cryptocurrency market liquidity for among the world’s largest crypto-engaged monetary establishments.”

BCB Funds had been registered with the FCA since June 2018 as a Small Fee Establishment, which means it isn’t overseen by the regulator. The corporate informed CoinDesk it has now been “upgraded” to an Approved Fee Establishment license, which means the agency is now regulated by the FCA.

Associated firm BCB OTC Buying and selling SARL is already regulated in Switzerland by a self-regulatory group underneath the oversight of the Swiss Monetary Market Supervisory Authority (FINMA), in keeping with the announcement.

“This regulatory approval for our agency, a number one crypto-dedicated cost service supplier, is a testomony to how we’re in a position to push forward with digital asset innovation whereas remaining in full compliance with among the most stringent laws in pressure globally’,” mentioned Oliver von Landsberg-Sadie, founder and CEO of BCB Group.

The agency anticipates that the brand new licence will enable it to draw new worldwide purchasers within the UK and Switzerland.

The problem with U.Ok. banks’ aversion to the crypto area got here to the fore in July when Coinbase was compelled to pause British pound-denominated transactions after being dropped by Barclays. Companies had been solely reinstated in October after the trade struck up a brand new relationship with Clearbank.

As reported on the time, BCB Group is working with ClearBank to make the U.Ok.’s Sooner Funds scheme out there to some purchasers. BCB began offering the service for the Bitstamp trade in July.