Chainalysis Secures $30 million in Series B financing
By Luke Flowers – Cryptocurrency Enthusiast
Chainalysis, the company that builds trust in blockchain between people, businesses and governments, have announced successfully raising a further $30 million in a Series B financing round. This funding is to finance cryptocurrency product development and expand to open offices in London to establish a central hub for its research and development.
Chainalysis has previously released and implemented its real-time anti-money laundering and compliance software for cryptocurrency to assist both law enforcement and financial institutions identify and stop illicit activity from malicious users. The software will conduct in-depth investigations into the source and provenance of cryptocurrency transactions. A platform such as ours where users can sell cryptocurrency, could use the software to trace where it came from.
The firm provide comprehensive Know Your Transaction (KYT) software to help businesses meet regulatory requirements. Though there are currently less requirements to meet regulation when selling Bitcoin, risk still needs to be assessed and managed to reduce its impact. Chainalysis offer real-time transaction screening through an API to continuously monitor large volumes of activity to identify high risk transactions
Due to the nature of cryptocurrencies, it can be very difficult to track an individual user’s transactions, but all the data is available in the blockchain. The firm began by analysing Bitcoin transactions and has broadened its coverage to the Ethereum, Litecoin, Bitcoin Cash and some Stablecoin blockchains. This provides exchanges and brokerages with an insight to the previous transactions on these blockchains when a user would like to sell Ether, Litecoin, Bitcoin Cash or the Stablecoins available.
Even the largest platform to buy and sell crypto by trading volumes is using Chainalysis’ software to automate some of the process for screening transactions and analysing user activity.
If you are looking for where to sell Bitcoin UK or cash out crypto, then delve into our platform!
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