October 4, 2024 – The BCB Group, a crypto payments company, has recently emerged from an investigation by the UK Financial Conduct Authority (FCA), which has now concluded. According to two individuals familiar with the matter, the findings from the FCA’s inquiry were favorable for BCB Group. These sources spoke on the condition of anonymity due to the sensitive nature of the investigation.
Late last year, the FCA issued a s166 notice to BCB, prompting the investigation. However, a source close to the company stated that BCB is now engaged in constructive discussions with regulators about expanding the scope of its license.
Oliver Tonkin, CEO of BCB Group, expressed confidence in the company’s compliance practices, stating in an email, “BCB Group has always adhered to a compliance-first approach in its business activities and will continue to do so. We maintain a regular, open, and transparent dialogue with all regulators.” He further noted that the company’s relationships with regulatory bodies, including the FCA, are strong, and they have recently been granted permission to extend their regulatory scope in the UK if desired.
This positive outcome marks a significant step for BCB Group as it continues to navigate the evolving landscape of cryptocurrency regulation in the UK.