UK FCA approves BCB Payments as authorized payments institution

UK FCA approves BCB Payments as authorized payments institution

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The UK FCA approves BCB Payments as an authorized payments institution (API) under the United Kingdom territory. BCB Group is based in Europe and focuses on crypto payments through BCB Payments. The Financial Conduct Authority of the United Kingdom undertook detailed checks before issuing the edict for APIs.

Recently, the UK authorities are sending the right signals when it comes to crypto developments. When the UK FCA approves BCB Payments, the move will be seen as highly positive for the industry. BCB Group delivers unmatched crypto payment processing solutions, especially in the European market. The acknowledgment of such crypto players in the traditional financial sector will help bring cryptocurrency payments into the mainstream.

After Switzerland, the UK FCA approves BCB Payments

In what will be seen as a feather in the BCB Group’s cap, it now sports approval from two leading European nations, namely the United Kingdom and Switzerland. The UK FCA approves BCB Payments after it recently got similar approval from the Swiss authorities as well. The Financial Services Standards Association oversees the approvals related to cryptocurrency operations in Switzerland.

BCB Group can certainly undertake aggressive expansion after being approved by two leading European financial powers. In Switzerland, the BCB Group’s arm called BCB OTC Trading SARL has secured approvals to provide cryptocurrency-related solutions. Currently, it has the distinction of being the sole firm with dual approvals to provide its users an integrated suite of crypto payments, trading and custody solutions. It uses the Corda R3 blockchain network with a custom API delivering a range of digital payment processing solutions.

Expansion on the cards after UK FCA approves BCB Payments

BCB Group is no small name in the European crypto sector. It has many big names as its clients including Bitstamp, Coinbase, Tagomi, and Galaxy Digital, to name a few. It’s Business-to-Business’ crypto payment solutions are a hit among its institutional clients.

Chief executive officer at BCB Group, Oliver von Landsberg-Sadie, says that the recent approvals reflect that the crypto industry is entering the conventional finance realm. BCB Group adheres to the regulatory approvals and is ready for upcoming regulatory challenges as well.

Featured Image by Pixabay

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Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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