CJ – Cryptocurrency Enthusiast
Ethereum was withdrawn from Paxful's marketplace for a variety of reasons
The move of Ethereum from PoW to PoS consensus and the assertion that Ethereum is a centralized platform are some of the justifications
The company's ultimate goal is to achieve honesty
Paxful, a global platform for peer-to-peer trading, has removed the Ethereum native token, ETH, from its marketplace, stating that "integrity over money" was its goal. Paxful CEO Ray Youssef tweeted on December 20, 2022 that the platform had started accepting Ethereum, but also announced that the ETH transaction would be terminated on Thursday, giving customers time to "settle deals and arguments."
The main reason for Paxful's decision to remove Ethereum from its marketplace was the network's switch from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus process. Youssef claimed that Bitcoin, with its PoW design, is "honest money," but Ethereum, after switching to PoS, has become a "digital kind of cash."
Paxful is not the only platform that allows individuals to invest in Bitcoin and other crypto assets. There are many other platforms that offer Bitcoin investment and Bitcoin cash buy options, as well as other crypto assets such as Bitcoins for sale. One of the best ways to buy, sell and trade Bitcoin is through a reputable cryptocurrency trading platform such as BCBitcoin.
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