Did the Binance black-out pull the Bitcoin price down with it?
By Max Steadman – Cryptocurrency Enthusiast
One of the biggest cryptocurrency trading platforms, Binance, unexpectedly went down and left its spot users spooked due to temporary system maintenance. According to Twitter and those who experienced this temporary halt of service, account access and basic order requests were not functioning as they should.
Binance addressed their network issues and clarified that the platform was undergoing essential maintenance. Due to the unforeseen framework maintenance, Binance suspended close to all its crypto asset management services, including withdrawals and deposits, spot and margin trading, P2P exchanges, redemption, as well as other services.
Binance CEO Changpeng Zhao assured those buying and selling Bitcoin on the exchange that the issues were associated with their middleware message broker, a software protocol unrelated to customer funds. Zhao announced on Twitter “System issue, not funds related. Funds are #SAFU.”
While his statement appears transparent and suggests a readiness to keep users and the community informed, Zhao received a considerable volume of negative responses. Those investing in cryptocurrency on the platform were disappointed by yet another technical issue, referencing an unscheduled maintenance period less than 4 weeks previously.
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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