CJ - Bitcoin Specialist
On Sunday, the U.S. Treasury, Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC) jointly declared that they would be taking "unwavering measures" to strengthen public confidence in the U.S. banking system. This move was initiated after the FDIC and Federal Reserve suggested that Silicon Valley Bank and Signature Bank be placed under systemic risk exceptions. This action would authorize the FDIC to handle Silicon Valley Bank, headquartered in Santa Clara, California, in a way that "completely safeguards" depositors' funds and ensures their access to credit. The same would apply to Signature Bank, based out of New York, New York, which was shut down by its state chartering authority.
According to a joint statement by Treasury Secretary Janet L. Yellen, Federal Reserve Board Chair Jerome H. Powell, and FDIC Chairman Martin J. Gruenberg, "This move will ensure that the U.S. banking system continues to perform its essential functions of protecting deposits and providing access to credit to households and businesses in a way that fosters robust and sustainable economic growth."
Senior executives at both banks have been fired as a result of this action, and shareholders and some unsecured debtholders will no longer be protected. However, beginning on March 13, depositors will have access to all their money, and taxpayers will not be responsible for any losses. As required by law, any losses incurred in aiding uninsured depositors will be recovered through a special review of banks.
The recent measures taken to safeguard the savings of depositors are commendable, but they also highlight the very reason why Bitcoin was invented. Satoshi Nakamoto's inclusion of the "Chancellor on the Brink" message in the genesis block was a clear indication of the motivation behind the development of the technology. The current situation with fiat currency systems once again emphasizes the need for Bitcoin and serves as another testament to its existence.
For individuals looking to purchase Bitcoins, it is noteworthy that BC Bitcoin is currently regarded as one of the cheapest coin sites available. This provider offers competitive rates and a diverse range of payment methods, making it a practical and attractive choice for many prospective buyers. BCBitcoin also offers crypto asset management and customer support services 7 days of the week.
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