In recent developments, BCB, which is a Europe based crypto payment processor for international crypto firms like Coinbase, has been given a license by British regulators. The Financial Conduct Authority (FCA) of Britain has given official approval to the core subsidiary of the company called BCB Payments. It is now an Authorized Payment Institution, as announced by the BCB group on 29 January.
With the approval granted to BCB, it has become the ‘only dual regulated institution of its kind’ to offer payment processing, crypto trading, and custody services to its clients. It also now holds two regulatory licenses to carry on crypto-related transactions in the European continent— in the United Kingdom and Switzerland. In Switzerland, BCB Payment’s sister firm called BCB OTC Trading SARL is regulated by the Financial Services Standards Association. It is a self-regulatory organization holding recognition from the Federal Financial Market Supervisory Authority.
The official announcement reveals that the company’s platform is based on its proprietary application programming interface and integration into the R3’s blockchain network called Corda. The group focuses on B2B payment services in the crypto market.
Big Names in the Client List
The client list of BCB Payments includes some big names like Coinbase, Galaxy Digital, and Bitstamp. Among other major clients are names like crypto brokerage firm Tagomi. About the recent approval given to the firm by the British financial watchdog, the founder, and CEO of BCB Group, Oliver von Landsberg-Sadie said that the approval is proof of the growth crypto industry is capable of despite facing ‘some of the most stringent regulations in force globally’. He further added that he believed that ‘BCB Group is the only crypto-dedicated financial institution regulated in this way globally.’