Lloyd's of London backs new Cryptographic Money Protection for Online Wallets
By Luke Flowers – Crypto Broker
Lloyd's of London is presently backing another sort of cryptographic money protection strategy intended to help ensure proprietors of online wallets against robbery due to hacks. This will inspire more confidence in the people who buy and sell cryptocurrency regularly and hopefully attract new users to both buy cryptocurrency and sell cryptocurrency. The inclusion is sold by crypto "lifestyle" service provider, Coincover.
Atrium, Lloyd's protection syndicate, is endorsing the cryptographic money protection coverage as per a declaration made by Coincover a weekend ago. The inclusion is being characterized as a new type of liability policy to reduce risk. The policy is dynamic with a limit that moves in line with cryptocurrency prices volatility. Should users look to buy Bitcoin and the markets rises, the policies will adjust accordingly.
The policy is sold with a cutoff starting at around $1,280 (£1,000). The intention of the policy is to protect those traders who buy and sell Bitcoin using a ‘Hot Wallet’. These assets are at a higher risk from a hack as they broadcast the private key across the internet to make the transaction. The type of wallet is popular amongst the crypto buying community and for those that move assets around when they want to sell crypto. Through Atrium, Lloyd's has been elevating secure asset protection and started their endeavor around two years prior when it began offering insurance to Kingdom Trust, a certified custodian.
A rising cryptocurrency insurance marketplace is attracting more companies and regulators and has been described as ‘natural home for insurance innovation’. This description has been provided as Lloyd’s believes that losses from hacks will rise in correlation with more money entering the crypto-asset markets.
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 firstname.lastname@example.org 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 email@example.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 firstname.lastname@example.org Kind Regards