The Australian Securities Exchange (ASX) appears to avoid listing crypto industry start up platforms. Blake Cassidy, CEO of Australian start-up app Bamboo, had spoken out against the ASXs prejudice against cryptocurrency platforms and start-ups. The CEO has predicted that there would be a “brain drain” forcing all firms and talent to eventually look elsewhere to build businesses and an audience. In other news, the Bamboo cryptocurrency micro-investing platform had announced a $3 million Series A funding round to support the mobile app.
The funding round has seen investors Orthogonal Trading, VP Capital and Mountain Ash Investments leading the round. Bamboo is an application that provides users with services to micro-invest, meaning that customers can build portfolios comprised of crypto-assets though crypto market investments including Bitcoin & Ether, just by rounding up to the next dollar on each purchase and using the difference to buy an asset offered by the app. However, despite the robust business model, proving to be popular amongst investors that buy and sell cryptocurrency, the CEO stated that they wouldn’t be able to register the platform domestically. During an interview with the Sydney Morning Herald, Cassidy was asked whether Bamboo would push for registration within Australia; Cassidy responded with a sharp “no.” Cassidy went on to say that similar crypto-based platforms will need to move their operations to North America should they wish to scale efficiently. With that being said, it appears that the Bamboo platform may pursue a listing in the United States to grow the business.
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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