SEC Lists Cryptocurrency as Top Examination Priority For 2019
By Luke Flowers – Cryptocurrency Broker
The US Securities and Exchange Commission (SEC) will be examining cryptocurrencies as a priority for 2019 as reported by CNN. SEC’s Office of Compliance Inspections and Examinations (OCIE) have said it will be looked at with a focus of protecting retail investors in the promising asset class. The activities of crypto trading, buying and selling Bitcoin and the management of digital assets will be examined.
In areas where digital assets will be classified as a security, SEC’s compliance department want to be able to ensure they achieve regulatory compliance with buying and selling crypto and how they are managed. For the future, market participants in the crypto space can expect a great level of inspection from the OCIE.
The OCIE are moving forward with identifying market participants roles enabling buying and selling crypto, to manage the products and assess the degree of their action. Companies that are already participating in the digital asset area will be examined by the OCIE with a focus on the portfolio management of trading, safety of the customer funds and assets, pricing of portfolios as well as compliance and internal controls. These areas have been selected based on policy and risk assessment relating to various industry issues.
The SEC’s actions have impacted negatively on digital assets and critics have argued the harsh restrictions on ICOs was damaging to its innovation. SEC has rejected some Bitcoin exchange traded fund applications in 2018 and this was a surprise as the chair, Jay Clayton, was appointed in role with the expectation that he would support the sector.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards