BCB Group has secured Swiss regulatory approval as a financial intermediary for its cryptocurrency prime brokerage service by VQF, an authorised SRO by the Swiss Financial Markets Supervisory Authority FINMA.
Aiming to provide seamless infrastructure covering onboarding, execution, settlement, reporting and custodianship for clients wishing to access cryptocurrencies, BCB Group’s service has been specifically designed to cater to the needs of institutional and high net worth clients seeking OTC best execution for their own accounts and who wish to offer cryptocurrency products and services to their own clients.
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Special Report: Cryptocurrency & blockchain – November 2018
BCB Group’s services are aimed at investment managers and hedge funds, including cryptocurrency funds, private banks, family offices, wealth managers and high net worth individuals. The firm is now able to provide a regulated end-to-end solution to clients covering onboarding, execution, settlement, reporting and custodianship. The firm provides bespoke solutions for clients wishing to buy and sell some of the largest cryptocurrencies including Bitcoin, Ethereum, Litecoin, Bitcoin Cash and Ripple XRP. Through its trading platform, trades are brokered through wholesale exchanges, principal and agency OTC desks, and BCB Group’s own client order book. Trades are settled bi-directionally and natively in CHF, EUR, USD, GBP, and ZAR.
Mike Hofer, Partner, Wholesale & Institutional, BCB Group, adds: “I am proud that BCB Group is now a fully regulated financial intermediary. This regulatory approval for our cryptocurrencies brokerage business is a testimony to our full compliance with one of the most stringent AML/KYC regulations in force in any of the FATF member countries. BCB Group is the only cryptocurrency OTC broker regulated in both Switzerland and the UK, which puts us in a unique position to provide tailor-made services for our institutional clients across the globe, and opening up new markets for our white-labelling partners.”
