By Ollie H - Crypto Consultant - 03-09-2021
Over the years, we have seen countries place bans and restrictions on cryptocurrency trading, even going as far as listing companies that exchange crypto on the alert list. One cryptocurrency exchange platform has been infamously known for getting into trouble with the legalities and regulations within the countries they serve.
One of the most significant crypto exchanges has come into a lot of heat in recent years, from not following regulations to not trading legally as a registered exchange within certain countries. Reportedly, the company's US branch is separate and operates differently from the rest of its parent branches globally. Despite Binance US being a different company, after the media highlighted the main company's problems, many US investors pulled out millions of dollars from all of their investments within Binance US.
The CEO of Binance, Changpeng Zhao, stated that Binance US had made plans to pursue an IPO. The plans to achieve this will take place over the next three years. At a Zoom conference, the CEO further clarified that Binance US will follow in the steps of its rival exchange Coinbase to achieve global usage. At the conference, Zhao pointed out that the US branch has almost completed a private funding round that is said to finish within a couple of months.
As previously stated, the main company Binance was scrutinised worldwide for unlawful regulations. Nations like Brazil, United Kingdom, South Korea, and Hong Kong have put in place stringent regulation policies to control trading platforms such as Binance better. However, the US branch being a separate company also has a different way of operating. Binance US operates so that it falls within regulations rather than outside of it.
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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