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The payment processor BCB Group, which connects cryptocurrency companies in the United Kingdom with the banking system, has announced the closure of an investigation initiated last year by the UK’s financial services regulator. According to two sources familiar with the matter, the Financial Conduct Authority (FCA) sent a “s166 notification” to BCB at the end of 2023. A source close to the investigation indicated that the outcome was positive for BCB.
BCB Aims to Expand Its License
BCB is currently engaged in constructive discussions with the FCA to expand its license. Another source on the matter stated that this process is progressing positively. In a statement via email, BCB Group CEO Oliver Tonkin said, “BCB Group has always adopted a compliance-oriented approach in all its business operations and continues to do so. We maintain a transparent dialogue with our regulators in all licensed business units, and we have a positive relationship with the FCA. We have received permission to expand our regulatory framework in the UK.”
BCB provides banking services to major institutions in the cryptocurrency world. The importance of such payment companies increased significantly after the collapse of crypto-friendly banks in the U.S. Last year, BCB’s clients included major players like Bitstamp, Crypto.com, Gemini, and Kraken.
Nature of the Investigation Remains Unclear
It remains unclear what type of investigation BCB was subject to, but it is known that the FCA sends approximately 50 s166 notifications to companies each year. These inquiries are conducted due to concerns about whether companies meet regulatory requirements. The FCA may also initiate reviews if there are suspicions of potential market abuse or misconduct.
Additionally, it has been reported that BCB Group’s former compliance officer, Natasha Powell, recently left her position and will start as the compliance head for Kraken in the UK in November. Powell will maintain her connection with BCB as an independent board member of BCB Payments.
Meanwhile, BCB Group has recently gained attention due to an acquisition offer from an anonymous investor. This interest arose during the company’s search for a Series B funding round.
