By Tyler - Crypto expert - 31-03-2021
In recent news, according to a release on March 30, mining pool companies have to follow new regulations enforced by the Office of Foreign Asset Control's (OFAC) for anti-money laundering. Marathon, an American-based company that aims to establish the largest crypto mining corporation in the U.S., is making crypto headlines for redirecting all of its hash power to a new compliant Bitcoin (BTC) mining pool. Since its power diversion, the Marathon Digital Holdings company declared that its pools are fully compatible with the updated U.S. rules.
Marathon Digital Holdings is the first Bitcoin mining pool to be launched in North America. The company provides the necessary computing power needed to mine Bitcoin investments. Aside from mining the most significant crypto market investment, Marathon Digital Holdings also has been buying Bitcoin and reportedly holds over 5,000 BTC. Since the release of the new regulations, Marathon has gone above and beyond to ensure that it follows all rules to mine Bitcoin legally. The company utilises its native technology to put in place the necessary transaction mechanics that match the new rules.
According to Marathon Digital Holdings, they plan to devote 100% of its current hash power to the new pool by May 1. After June 1, the company aims to accept added hash power from outside sources. Marathon plans to deploy at least 100,000 miners to send 10.37 exahashes per second to the Bitcoin pool by the end of the year.
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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