wp-signup.php Redirect Loop and 'User registration is currently not allowed'

Hi all!

I have BuddyPress installed with ‘Anyone Can Register’ selected in WordPress General Settings but wp-signup.php is resulting in a Redirect Loop and ‘User registration is currently not allowed’ is all that appears on the BuddyPress login page I’ve assigned in BuddyPress settings. This means that no-one can register on the site!

Any suggestions? Thanks in advance!