By Harry B - Crypto Specialist - 30-07-2021
A FinCEN digital currency expert reportedly stated that cryptocurrency is a logical step in financial technology. The new adviser for the company, Michele Korver, feels crypto market investments are a way of exchanging value.
Michele Korver talks about how Bitcoin (BTC) and other crypto investments 2021 are viewed as a more evolved payment method in an interview with Law360 this past week. Korver goes on to describe crypto-asset growth as a "natural evolution" as she talks about how technology in the finance industry continues to evolve and "value transfer will continue." Although her positive views on a growing financial industry, Korver also states that criminal activity will unfortunately still exist.
After serving as digital currency counsel for the U.S. Department of Justice, Korver turned to FinCEN in early July. FinCEN is a U.S. Treasury Department office; its job is to analyse transaction data within the financial industry to prevent various money-based severe crimes such as money laundering and terrorism in finance.
Korver's current responsibilities include advising, Michael Mosier the FinCEN acting director, and AnnaLou Tirol, the deputy director, to combat criminal activity within the industry.
Korver has stated that the current series of criminal attacks targeting U.S. organizations and institutions have refocused politicians' attention on the cryptocurrency trading industry. Korver has said that she will further support FinCEN by helping them enforce the Bank Secrecy Act. The Bank Secrecy Act has relations to all digital currencies as well as blockchain technology.
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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