UK FCA’s Secret Inquiry Into Crypto Firm BCB Closed: Insider Reports

Insider sources have revealed that UK financial services regulator(FCA) had secretly set an inquiry into crypto payments firm BCB group. The inquiry now remains closed, added the unnamed source.

FCA had reportedly sent BCB ‘s166 notice’ last year,  and the probe has “since been concluded in a way a source close to BCB deemed positive for the company”. As a result, BCB is now considering expanding its license and consulting regulators about the same.

Oliver Tonkin, CEO of BCB stated, “BCB Group has at all times operated a compliance first approach in its business activities and continues to do so”. Tonkin further added that the company follows a regular open and transparent dialogue with all the regulators across their licensed businesses- which from their perspective helps the firm in good standing with all of them.

BCB’s engagement with the FCA remains to be optimistic 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.

A s166 notice to BCB could have been initiated due to several reasons- regulatory requirements, or even conduct issues, or to supervise the firm’s risk management processes and its financial stability. However, the motive behind FCA’s investigation into BCB remains unclear as of yet.

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