OKEX Announces the Listing of Four Stablecoins
By Tyler S – Cryptocurrency Broker
One of the most trusted digital exchanges, OKEX, have announced that four Stablecoins: TrueUSD, USD//Coin, Gemini Dollar and Paxos Standard Token are to be listed on their cryptocurrency exchange. Stablecoins are designed to stabilise the price of the token/coin to minimise the price volatility whilst having a function such as a store of value for precious metals. There are many advantages to asset-backed cryptocurrencies as they are unlikely to drop below the value of their underlying physical asset.
TrueUSD (TUSD) is backed by the US dollar, acting as a stable currency for digital exchange. Anyone that passes the standard KYC/AML checks can purchase TrueUSD. Collateral is provided by professional trust firms’ banks who ensure that users can trade with confidence.
USD Coin (USDC) is an ERC-20 Ethereum token backed by the US dollar and created to move dollars around globally from your crypto wallet to other exchanges, businesses and people. At BC Bitcoin we can help you sell and buy Ethereum using such coin.
The Gemini Dollar is the world’s first regulated stablecoin that are held at the State Street Bank and Trust Company. Their deposit balance is examined monthly by a public accounting firm Trail of Bits and publishes an independent accounting report publicly available. Making the report public shows Gemini’s commitment to transparency and honesty.
Paxos Standard Token combines the stability of the dollar with blockchain technology to move money anywhere and at any time. It is a trusted company, regulated by the New York State Department of Financial Services. The first digital asset to be issued by a financial institution whilst fully collateralised by the US dollar should encourage more to buy crypto.
With greater stability in cryptocurrencies, this could help encourage others to buy and sell bitcoin. If you are interested in buying crypto in a stable currency get in touch with us.
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