UK FCAs 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.

Also Read: Pro-XRP Lawyer Reveals Ripple’s Masterstroke in Cross Appeal Against SEC

RECENT NEWS

Crypto Treasuries Chase A New Kind Of Capital

There is a peculiar irony at the heart of the crypto treasury movement. Companies that staked their futures on digital a... Read more

What Strategy's Bitcoin Sale Really Tells Us

There is a moment in every bull run when the narrative starts to fray. Not with a crash, not with a scandal, but with so... Read more

The Clock Is Ticking On UK Stablecoins

The world is not waiting for Britain to make up its mind. While the United States and the European Union have spent the ... Read more

From Cypherpunk To Citadel

How Crypto Moved from the Wild West to the Mainstream Financial SystemA long-form analysis of Bitcoin's journey from fri... Read more

Tether Plots Global Expansion

Stablecoin leader seeks to transform itself from crypto plumbing provider into a broad “freedom tech” conglomerateTe... Read more

World Liberty Seeks Federal Trust Charter

World Liberty Financial, the crypto venture backed by the Trump family, has applied for a US national bank trust charter... Read more