BCB Group, which is a payment processor that connects crypto firms with the banking system and links them to , has ended its planned purchase of Sutor Bank, an old 100-year-old bank, more than a full year after it had been announced. The reason given was regulatory delays as well as changing market conditions.

Oliver von Landsberg Sadie, founder of BCB, said that the deal was agreed upon and signed in December 2021, but it could not be finalized without Bafin’s consent. During the 18-month wait, however, the world changed and we both decided to pull out.

BCB said that regulators and depositors are paying more attention to the financial health of the banking industry, banks, and other financial institutions in different jurisdictions including Germany. The company will now concentrate on its European Strategy through its emoney license in France.

Von Landsberg Sadie stated, “While we still believe in Sutor’s team and their innovative platform, we ultimately recognise that we can serve our clients more effectively on our own bases than through the original deal.”