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BitcoinPoint becomes the first crypto-asset firm registered with the FCA to offer an ATM cash-out facility

The London-based company takes a massive step in making Bitcoin easily available to new retail customers, and more attractive with the easy 'cash-out' option.

Author January 26th, 2022

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On 30 November, London-based BitcoinPoint secured approval from the Financial Conduct Authority (FCA) to obtain a Registered Cryptoasset Firm License. 

This permanent crypto-asset registration will enable BitcoinPoint to continue to reach UK retail customers after March 2022, when all ‘temporary’ registrations will be revoked.

Since last year, the company has been the only crypto exchange leveraging the largest ATM network in the UK. Now, it has become the first crypto-asset firm registered with the FCA to offer a cash-out facility from an ATM network of more than 18,000 machines.

At present, if a company wishes to provide crypto services in the UK, it must register with the FCA for the crypto-asset license registration (formally known as the FCA AML/CTF crypto-asset registration regime). All crypto companies that began trading prior to 2020 had to apply for the license by June 2020, and less than 100 were listed under the temporary registration regime.

Since then, only 23 companies have converted their temporary registration into a permanent one. While some large exchanges are still trying to obtain the license granted to BitcoinPoint, most companies have been rejected.

The future of BitcoinPoint 

Now that FCA registration has been granted, BitcoinPoint CEO Benoit Marzouk has outlined how the company plans to further its innovative solutions. Speaking following the announcement, he stated that:

“Where most crypto exchanges simply care about their transaction volume and are willing to promote the latest ‘dog coin’ unethically, our vision from the beginning was simple … we wanted to make it easy for any non-tech savvy person to purchase bitcoin at the most competitive rate.

“Our short-term goal would be to collaborate with banking partners to integrate our Bitcoin Online Wallet solution into their banking apps to bring value to their clients.

“Any corporation with retail customers could potentially integrate our on-ramp and off-ramp solutions - including cash out at ATMs - to offer bitcoin to their customers. We are already in discussion with a major player in the space for an integration early 2022.”

Ensure your compliance with Veriff

In recent months, firms in the crypto space have been subjected to increasing amounts of regulation relating to KYC and AML matters. In this ever changing landscape, it’s important that your company stays compliant, actively fights fraud, and knows its customers.

This is exactly where our crypto identity verification solution comes into play. Not only can our tool help you fight fraud, but you can improve your conversion rate by up to 30% and remove unnecessary obstacles between your customers and their crypto. Want to learn more? Talk to us today.

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