Regulations
By Sakamoto Nashi
1 / 15
What Went Wrong. BMTL failed pretty much every compliance test the FCA threw at them.
2 / 15
Customer Impact and Next Steps. People with money stuck in the BMTL system face a messy situation.
3 / 15
The Financial Conduct Authority killed Bazar Money Transfer Limited's regulated payment services on November 21, 2025.
4 / 15
The company can't send money for retail customers or corporate clients anymore. That's a big problem for people who relied on BMTL for international transfers and business…
5 / 15
BMTL failed pretty much every compliance test the FCA threw at them. The firm couldn't prove it had proper anti-money laundering controls in place.
6 / 15
But there's more. BMTL was offering cryptoasset services without proper registration, which is illegal in the UK.
7 / 15
The FCA oversees anti-money laundering and counter-terrorist financing compliance among all UK cryptoasset businesses. BMTL wasn't on that list.
8 / 15
The restrictions hit both sides of BMTL's business hard. Retail customers can't send money to family overseas anymore.
9 / 15
People with money stuck in the BMTL system face a messy situation. The FCA's Supervision Hub is handling complaints, but there's no guarantee customers will recover their funds…
10 / 15
The regulator keeps telling people to check the Financial Services Register before picking a new money transfer company.
11 / 15
BMTL hasn't said a word publicly about the restrictions or any plans to fix things. The company's website still shows old contact information, but customer service lines don't…
12 / 15
As of April 8, 2026, the company remains completely shut out of regulated payment activities. The FCA hasn't given any timeline for when BMTL might reapply for authorization.
13 / 15
Chief Executive Nikhil Rathi previously warned about the importance of regulatory compliance in maintaining market integrity. His team clearly meant business with BMTL.
14 / 15
Some industry watchers think BMTL's problems go deeper than basic compliance failures. The firm's rapid expansion into crypto services without proper authorization suggests…
15 / 15
The FCA's decision reflects broader enforcement trends across the financial sector. Regulators have been especially tough on firms mixing traditional payment services with…
The Currency Analytics
Want the full story?