Crypto Payments Firm BCB Group Was the Subject of an FCA Investigation: Sources
BCB Group, a payments processor connecting cryptocurrency firms to the banking system, underwent a closed investigation by the U.K. Financial Conduct Authority (FCA), which issued a s166 notice last year. The investigation concluded positively for BCB, which is now in talks with the FCA to expand its license. CEO Oliver Tonkin emphasized BCB's compliance-first approach and positive engagement with regulators. Payments companies like BCB are crucial in the digital assets ecosystem, especially after the collapse of several crypto-friendly banks in the U.S. The nature of the inquiry remains unclear, as s166 reviews can arise from various regulatory concerns. BCB is not alone in facing such scrutiny, with the FCA issuing around 50 notices annually. Former chief compliance officer Natasha Powell resigned to join Kraken as head of U.K. compliance but will remain linked to BCB as a non-executive director. BCB also received a takeover approach from an unidentified investor while considering a Series B funding round.
