CJ - Cryptocurrency Enthusiast
Paxos Trust Company, a leader in the blockchain infrastructure space, has announced that it will halt the issuance of new Binance USD (BUSD) stablecoins in light of an ongoing investigation by New York regulators. Starting on February 21st, Paxos will no longer mint new BUSD tokens in accordance with the directives of the New York Department of Financial Services (NYDFS). Despite this change, Paxos has reassured its customers that all existing BUSD tokens will remain fully backed and redeemable through the Paxos Trust Company until at least February 2024.
Customers will also have the option to redeem their funds in U.S. dollars or convert their BUSD tokens to another Paxos-issued stablecoin, the Pax Dollar (USDP). Paxos emphasized that this move will not affect its ability to serve new or existing customers, nor will it impact its continued growth and business objectives. The company remains dedicated to becoming a global leader in blockchain tokenization infrastructure and continues to be committed to its mission.
In a statement, Paxos explained that the decision to halt the issuance of new BUSD tokens is in line with its commitment to maintaining the highest level of regulatory compliance. The company looks forward to continuing its work in the blockchain space, providing innovative solutions and delivering value to its customers.
In conclusion, Paxos Trust Company's decision to halt the issuance of new Binance USD (BUSD) stablecoins highlights the importance of regulatory compliance in the blockchain industry. The ongoing investigation by New York regulators underscores the need for companies to adhere to regulations and maintain the highest level of transparency and accountability. As the blockchain space continues to evolve, regulations will play an increasingly important role in ensuring the stability and security of the industry.
For those looking for a safe and regulated platform to purchase Bitcoin or buy altcoins, BC Bitcoin is a reliable cryptobroker that operates in accordance with all applicable regulations. They offer a secure and trusted platform for investors to access the cryptocurrency trading market.
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