Investigation Closed for Crypto Payment Provider BCB Group: Insights from Sources
BCB Group, a cryptocurrency payment processor, has successfully concluded an inquiry by the Financial Conduct Authority (FCA) in the UK, with indications of further regulatory expansion.
BCB Group, a payments processor connecting cryptocurrency firms with traditional finance, recently concluded a closed investigation by the UK's Financial Conduct Authority (FCA).
- According to insider sources, the FCA issued a s166 notice to BCB late last year, but the inquiry resulted in a favorable outcome for the company.
- Olivia Tonkin, the CEO, reassured stakeholders of BCB's compliance and positive engagement with the FCA, hinting at plans to extend their regulatory reach within the UK.
"BCB Group has at all times operated a compliance first approach in its business activities and continues to do so," said Oliver Tonkin. "Our engagement with the FCA continues to be positive and we have recently been given the green light to expand our regulatory footprint in the UK should we wish to do so," he added.
The FCA declined to comment on this matter.
Furthermore, Natasha Powell, BCB's former chief compliance officer, is set to join Kraken as the head of UK compliance, while still supporting BCB as a non-executive director at BCB Payments Ltd.
The investigation highlights the key role payment processors play in the evolving digital assets landscape, particularly after the failures of certain crypto-friendly banks in the U.S. last year.
