REG - Tap Global Group PLC - Regulatory Settlement Agreement with GFSC

Tap GlobalAnnouncement

06/10/2025 15:15

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RNS Number : 2489C  Tap Global Group PLC  06 October 2025

6 October 2025

 

Tap Global Group plc

 

Regulatory Settlement Agreement with GFSC

 

Tap Global Group plc (AIM: TAP), an innovative digital finance hub that brings
money payments and crypto settlement services together in a single
user-friendly app, notes the following statement released by the Gibraltar
Financial Services Commission:

 

Public statement on Tap Global Limited

 

A Regulatory Settlement Agreement has been entered into between the Gibraltar
Financial Services Commission (GFSC) and Tap Global Limited (the Firm), a
Gibraltar distributed ledger technology company.

 

In December 2024, the Firm made a proactive disclosure to the GFSC by
providing the results of an internal review of its Anti-Money Laundering,
Counter-Financing of Terrorism and Counter Proliferation Financing (AML/CFT)
policies and procedures. During this review, the Firm identified a discrepancy
relating to suspicious activity reports (SARS) within the annual Money
Laundering Reporting Officer Report for the year 2023. The Firm identified
that the number of SARs reported was inaccurate which led to the Firm failing
to follow its own internal reporting procedures.

 

The Firm accepts that during the period of April 2023 to June 2024 it did not
follow internal reporting procedures relating to suspicious activity
reporting. This has resulted in a contravention of the following section of
the Proceeds of Crime Act 2015 (POCA):

 

·    Section 28(2)(d) - Internal reporting procedures

 

This Regulatory Settlement Agreement has been reached through a collaborative
process, and the Firm has demonstrated a positive approach in dealing with the
GFSC, was proactive in reporting its failure and has taken remedial steps. The
Firm has also recently appointed a new MLRO and other additions at managerial
level.

 

Regulatory Outcome

 

The Firm has agreed to pay a financial penalty amounting to £150,000 for the
contravention of POCA. This financial penalty would have been £214,285 but is
subject to a 30% discount for early settlement and demonstrates the Firm's
level of cooperation throughout the investigation.

 

Enquiries:

 

 Tap Global Group plc

 Arsen Torosian, Chief Executive Officer                  via Vigo Consulting
 SPARK Advisory Partners Limited (AIM Nominated Adviser)  +44 (0)20 3368 3555

 Andrew Emmott

 Angus Campbell
 Tennyson Securities (Broker)                             +44 (0)20 7186 9030

 Peter Krens

 Alan Howard
 Vigo Consulting (Investor Relations)                     +44 (0)20 7390 0230

 Ben Simons                                               tapglobal@vigoconsulting.com

 Peter Jacob

Amelia Thorn

 

Investor website:

investor.tap.global (https://investor.tap.global/)

 

About Tap Global Group plc

 

Tap Global Group plc bridges the gap between traditional finance and
blockchain technology. It offers over 390,000 individual and business
customers an innovative and fully integrated fiat payments and cryptocurrency
settlement service including access to several major cryptocurrency exchanges.
Through the Tap app, customers can trade over 50 cryptocurrencies and store
them directly in their customer wallet, while benefiting from proprietary AI
middleware for real-time best-execution and pricing.

 

Tap Group's European business, Tap Global Limited, was the first
cryptocurrency FinTech company to be approved by Mastercard in Europe.
Through the Tap card, European users can convert their cryptocurrencies to
fiat and spend at more than 37 million merchant locations worldwide.

 

Tap Group's operating subsidiaries

 

Tap Global Limited serves the European customer base and is registered in
Gibraltar and licensed and regulated by the Gibraltar Financial Services
Commission under the DLT with licence No. 25532.

 

Tap's Bulgarian subsidiary has been granted a VASP registration by the
National Revenue Agency of Bulgaria in order to qualify for the EU MiCA
regulations grandfathering provisions.

 

Tap Americas LLC serves the US customer base and is a limited liability
company organised under the laws of the state of Florida. Cryptocurrency
services are provided by Zero Hash, a Chicago-based B2B2C crypto
infrastructure platform.

 

Follow us on social media:

 

LinkedIn: https://www.linkedin.com/company/tapglobal/
(https://www.linkedin.com/company/tapglobal/)

X: https://x.com/TapGlobalPlc (https://x.com/TapGlobalPlc)

 

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