Facebook’s Libra Faces Huge EU Antitrust Issues
By Mark Lemon – Cryptocurrency Dealer
Facebook has just attracted heavy scrutiny from the European Union regarding trust issues associated with its crypto project, Libra.
According to a document by Bloomberg, the European Commission is at the moment, “currently investigating potential anti-competitive behavior” by the Libra Association.
The document, per the report, is described as a questionnaire indicating that the Commission is concerned about Facebook’s cryptocurrency locking competitors unfairly out.
With more users on the social network than China and the US combined, it has huge exposure and reach to sell crypto for use on the platform.
The Libra Association’s governance structure and membership is facing severe scrutiny. In spite of that, various big-named companies including Visa and MasterCard have signed loose agreements, partnering up with the Libra Association on their project. This gives these organisations the opportunity to see the benefits of blockchain to buy and sell cryptocurrency for everyday transactions, without building one from scratch.
The European Commission is also worried the Libra Association could lead to “potential competition restrictions” on the use of information like user data. It’s also considering the integration of some of Facebook’s other apps like WhatsApp and Messenger that could utilise Libra somewhere down the line. It has been suggested that user could buy crypto and send via one of these messaging services.
Bloomberg says that this kind of questionnaire is issued in advance on EU information-gathering inquiries.
The European Commission is the EU’s executive arm, which both proposes as well as enforce legislation, and implements policies and the budget. Neither Facebook nor the commission would comment on the document.
In the past couple of months, Facebook has been facing criticism from the world’s regulators for its cryptocurrency plans. US lawmakers have even called to cease working on the project until the issues can be examined and discussed more carefully.
You can head on over to our platform if you’re seeking to buy Bitcoin UK from the most trusted cryptocurrency broker.
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