The United Kingdom’s Financial Conduct Authority (FCA) has granted a payment license to BCB Payments, a subsidiary of BCB Group.
This was declared on Wednesday, January 30th.
The Authorised Payment Institution (API) license is an upswing from the firm’s prior status of a Small Payments Institution and has put it under the direct purview of the regulator.
Alleging to be “the first and only crypto-focused Authorised Payment Institution” in the country, the fresh license will enable the firm to widen its scope in the crypto business.
Oliver von Landsberg-Sadie, founder and CEO of BCB Group, while commenting on the prospect, said: “This regulatory authorization for our firm, a leading crypto-dedicated payment service provider, is a testament to how we’re able to move forward with digital asset invention while staying in full obedience with some of the most strict laws in force globally.”
BCB Group is one of the famous payment service providers to crypto companies.
Its client list comprises Coinbase, Galaxy, and Tagomi.
The previous year, the company teamed with Bitstamp to provide deposit and withdrawal services with the British pound.
The company also reported that it is giving services to over 140 clients across 32 countries and detecting an average monthly volume growth of 207 percent.
BCB OTC Trading SARL, another associate of the group, is legislated under the Swiss laws, the statement stated.
The FCA is also heightening its clutches into the crypto industry and earlier this month concluded extra functions to supervise crypto assets.
The CEO said that their customers need robust technology and services to go on with creation in digital markets.
He added that it is believed that BCB Group is the only crypto-dedicated financial institution legislated in this way globally.
This has therefore positioned them for an additional year of robust development as they persist to boost the integrity and degree of their services for business clients around the world.