CJ – Cryptocurrency Specialist
A DFSA spokeswoman told a news organization that Three Arrows Capital is not a DFSA-approved entity.
Su Zhu, the CEO of Three Arrows Capital, said at the beginning of April that his business will move to Dubai in order to launch a $5 billion fund.
An official from the Dubai Financial Services Authority confirmed in an email to CoinDesk that the problematic cryptocurrency fund Three Arrows Capital is not a DFSA-approved entity and is not within the DFSA's authority. Three Arrows Capital's CEO Su Zhu earlier disclosed that the company's headquarters would relocate to Dubai in order to establish a new $5 billion fund. He highlighted Singapore as having a less business-friendly regulatory environment than Dubai because the company there is subject to Monetary Authority of Singapore oversight.
The Dubai International Financial Centre (DIFC), a purpose-built financial free trade zone, is where businesses can offer financial services, but only with license from the Dubai Financial Services Authority, according to the website of the regulating body (DFSA). It was added that Three Arrows has no external entities. Although there isn't a corporation that fits Three Arrows Capital's definition in Dubai's national economic registry, there is a "Three Arrows" air conditioning company.
According to 3AC co-founder Kyle Davies, the business is committed to coming up with a solution that benefits everyone of its stakeholders equally. The fund was in control of more than $3 billion in cryptocurrency as of April.
Cheapest place to buy Bitcoin or other cheap cryptocurrency is BCBitcoin - a cryptocurrency trading platform that provides a variety of services, one of them being crypto asset management.
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