BCB Payments, a subsidiary of BCB Group, has gained a payment license from the United Kingdom’s Financial Conduct Authority (FCA).
Announced on Wednesday, this Authorized Payment Institution (API) license is an upgrade from the firm’s previous status of a Small Payments Institution and has put it under the direct purview of the regulator.
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Claiming to be “the first and only crypto-focused Authorised Payment Institution” in the country, the new license will allow the firm to expand its reach in the crypto industry.
Commenting on the prospect, Oliver von Landsberg-Sadie, founder and CEO of BCB Group, said: “This regulatory approval for our firm, a leading crypto-dedicated payment service provider, is a testament to how we’re able to push ahead with digital asset innovation while remaining in full compliance with some of the most stringent regulations in force globally.”
Offering payments services to crypto businesses
BCB Group is one of the most well-known payment service providers to crypto companies. Its client list includes names like Coinbase, Galaxy, and Tagomi. Last year, the company partnered with Bitstamp to provide deposit and withdrawal services with the British pound.
The company also detailed that it is providing services to over 140 clients across 32 countries and seeing an average monthly volume growth of 207 percent.
BCB OTC Trading SARL, another subsidiary of the group, is regulated under Swiss law, the announcement detailed.
The FCA is also deepening its clutches into the crypto industry and earlier this month assumed additional roles to supervise crypto assets.
“Our clients demand robust technology and services to continue to innovate in digital markets. We believe BCB Group is the only crypto-dedicated financial institution regulated in this way globally, positioning us for a further year of strong growth as we continue developing the quality and breadth of our services for business clients across the world,” the CEO added.