Binance to Reduce Tether Support with Own Stablecoin
By Luke Flowers – Bitcoin Enthusiast
Recently, Binance has decided to separate itself from Tether with the preparation of using its own in-house stablecoins.
According to Bitfinix’s data, Tether’s stablecoin market share is now at 98.7%. So far, no USD-based cryptocurrency has been able to topple Tether in terms of importance to the crypto trading ecosystem. Many users will use Tether as a hedge against volatility and then buy XRP or another crypto once the price is lower.
Over the last couple of years, Tether’s role in the cryptocurrency world has grown quite a bit. With the US Securities and Exchange Commission (SEC) looking into iFinex, the company behind both Bitfinex and Tether, Binance is seeking to expand risks for itself as well as its users.
Stablecoin’s importance isn’t just critical to Bitfinix, but Binance as well. Binance CEO, Changpeng Zhao had earlier confirmed that his company is presently testing and on the verge of launching its own British pound-linked cryptocurrency. UK users could more easily buy and sell Bitcoin and access the markets with a pound linked crypto. This crypto could have the potential to be accepted in the store in the future.
With the British pound under their radar, Binance may start minting Japanese yen and Euro cryptocurrencies. Users would be able to buy and sell cryptocurrency utilising these coins to help alleviate inconveniences regarding foreign exchange rates that many encounter with Tether.
This also provides a new use for the Binance chain, further supporting the value of the stablecoin for Binance, the 7th most valuable crypto with a $4.47 billion market cap.
Currently, there are no plans for Binance to introduce a USD-based stablecoin for selling and buying crypto, but the Tether market share could be reduced for the company.
You can purchase the top Stablecoins on the market through our platform as well as to buy Bitcoin UK from your Trusted Bitcoin Broker.
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