Gus – Cryptocurrency expert
The Capital Markets Authority has awarded Bits of Gold, the leading trading cryptocurrency exchange in Israel, a license, making it the first crypto company in the nation to do so.
Bits of Gold published a status update on Facebook expressing its joy at becoming the first licensed business in the nation under the Capital Markets Authority.
As a result of receiving authorization, Bits of Gold is now able to hold digital currencies safely in the "Bits of Gold Wallet." In order for them to access the firm's digital assets, the corporation would also establish connections with the nearby banks and other financial institutions.
Recently, Bits of Gold said that the business has been making consistent efforts to increase Israelis' access to the realm of digital money. The license, the corporation continued, was a component of this endeavor, enabling "easy and safe access" for the general public to the cryptographic world.
In order to lower crime, money laundering, and tax evasion, the Bank of Israel previously imposed restrictions on cash payments, prohibiting "payments of substantial quantities of money in cash and bank checks."
The Tax Authority's (ITA) Tamar Bracha, who oversees law enforcement, recently stated that restricting cash "is to minimize cash mobility in the market, primarily because crime groups prefer to rely on cash." According to Bits of Gold, the bank's proposed licensing and rules will assist to address all of the bank-related problems.
If we go back in time, it is clear that the institutional adoption of Israeli banks was quite restricted, and due of the Anti-Money Laundering (AML) concerns, the government was highly hostile to the crypto market investment businesses. In 2017, Bits of Gold could not legally be refused any business by the bank Leumi.
2019 saw a modification in the Supreme Court's ruling, which said that the bank could no longer restrict Bits of Gold. Furthermore, the nation promoted closer collaboration between banks and cryptocurrency businesses with the implementation of new AML standards. The requirement that the businesses get licenses was also taken into consideration.
If you would like to get ahead into Cryptocurrency trading, you can use a trusted cryptocurrency broker – BCBitcoin. You can buy and sell cryptocurrency on their platform using credit cards or any bank transfer. It offers cheap cryptocurrency and small fees.
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 email@example.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 firstname.lastname@example.org 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 email@example.com Kind Regards