CJ – Cryptocurrency Expert
Cryptocurrencies are commonly associated with criminal activity because of their anonymity. In 2021, it will be harder for people to use online bank transfers, thus drug dealers are switching to cryptocurrency exchanges. The transition of drug money transfers from online bank transfers to cryptocurrency and gaming currency transactions will be the new trend in 2021, according to research released by the Chinese authorities.
The study found that while "Internet + logistical delivery" non-contact drug trafficking strategies have become more common, the drug market is still growing online, with increased usage of money, drug distribution, and person-to-person transaction models.
Hookup transactions can be facilitated via large chat rooms, specialized social networks, secondhand stores, gaming platforms, even the dark web. Additionally, the use of sophisticated technology has developed into a vital link in the drug trade.
The survey discovered that although online bank transfers remain the primary method of money movement for traffickers, crypto payments have grown in recent years. Bulk logistics now handles drug distribution along with minor deliveries, and the use of crypto assets and gaming currencies to enable drug trade transfers is becoming more widespread. Fentanyl and other synthetic opioid sales have increased as a result of virtual currency.
The fact that China's Supreme Court has ruled that using Bitcoin or any other cryptocurrency as a form of fundraising is prohibited underscores the country's continued tough stance on cryptocurrencies. The aforementioned research is likely to exacerbate the unfavorable perception of cryptocurrencies in China.
Although the transactions on the blockchain are anonymous, there are software tools in place and ones that are continually being developed to identify the sources of these transactions. For example, if you buy Ethereum or Bitcoin it is very possible to determine the source where it is coming from even if the wallet owner is anonymous. Although this software is far from flawless and entirely accurate, it does contribute to a decrease in drug and money laundering. Cryptocurrency exchange platforms are the first ones to implement this, as a lot of people trade crypto to fiat and vice versa on these platforms.
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