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Statement on Quickbit Limited

03 Jan 24

Quickbit Limited (“Quickbit”) is registered with the Gibraltar Financial Services Commission (“GFSC”) to act as a Virtual Asset Arrangement Provider. The GFSC has taken sanctioning action against Quickbit for contraventions of the Proceeds of Crime Act 2015 (“POCA) in the following areas: 

 

  • Section 10 – Meaning of Customer Due Diligence Measures 
  • Section 11 – Application of CDD Measures 
  • Section 13 – Timing of verification 
  • Section 17 – Enhanced CDD 
  • Section 20 – Politically Exposed Persons 
  • Section 25A – Risk Assessment 

 

In February 2023, the GFSC Anti-Money Laundering and Counter Financing of Terrorism Supervision Team conducted an onsite visit at Quickbit, during which a number of regulatory breaches were identified. Subsequently, Quickbit failed to remediate the identified deficiencies. 

 

Regulatory Outcome: 

A Decision Notice has been issued by the GFSC imposing the cancellation of Quickbit’s registration under Regulation 9(1)(a) of Proceeds of Crime Act 2015 (Relevant Financial Business) (Registration) Regulations 2021