By Kenny S - Bitcoin Enthusiast - 03-10-2021
Compound (COMP) is a decentralised protocol backed by blockchain technology. The protocol allows users that are interested in investing in cryptocurrency to borrow crypto assets. The crypto protocol also allows users to deposit their investments into lending pools.
The COMP CEO, Robert Leshner, finds himself getting a dose of reality from the Compound community in recent news. The exchange takes place on the social media platform Twitter as the CEO tweets about a recent unfortunate event. Leshner voiced his displeasure regarding a Compound Liquidity mining incentive scheme mistake that accidentally provided users with much more COMP than anticipated.
Leshner tweeted out, stating that anyone who received a large and incorrect sum of the native cryptocurrency must immediately return it. He explained further that anyone who does follow this demand would be allowed to keep 10% of the crypto they obtained as a reward. Following this statement, the CEO added a warning that anyone who refuses to return the cryptocurrency would be reported and then doxxed.
Despite the reward and warning, the cryptocurrency trading community fought back to humble the CEO. There were many sides and opinions, all of which were very valid responses. Some laughed in the face of the company's head, stating that they do not live in the US or would rather pay the low IRS and keep the majority. Another investor came forward to say that these things happen regularly with everyday traders; if you trade crypto but have sent it to the wrong address, there's no chance of a refund. The investor further stated that just because it has happened to a large corporation or project doesn't mean they get special treatment.
The CEO has since responded with a more enlightened post, stating that he appreciated both the support and the ridicule he received for the first post. Leshner stated that he's trying to do what he can to return the money to the COMP community but understands that he went about it incorrectly.
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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