Security Tokens Platform OpenFinance Network (OFN) is to Receive Investment from Huobi
Huobi has announced a partnership with the OpenFinance Network (OFN) as part of its overseas expansion. The Huobi platforms do not currently trade security tokens; meaning you cannot sell crypto with this classification through them. With this new partnership and large investment, Huobi will be entering the tokenised security market.
Similar to Huobi, the OpenFinance Network provides token liquidity for a variety of clientele such as banks, brokerages, custodians and transfer entities. OFN have been actively onboarding projects to bring a variety of security tokens to the platform. Some of the projects they have partnered with include Polymath, Tokensoft, Securitize, Harbor and Security Token Advisors (STA) among others. If these organisations introduced a token to the platform, users could sell cryptocurrency for the tokenised security.
Huobi’s expansion comes at a time of increased cryptocurrency adoption with heightened growth in Europe and the UK. Huobi hopes to further expand to the US and Canada despite regulatory uncertainty potentially causing delays. The company was initially located in China but due to their crackdown on cryptocurrency exchanges, Huobi was forced to move its business operations overseas. We could potentially see a platform that is available globally to buy and sell Bitcoin.
The US Security and Exchange Commission (SEC) is currently seeking platforms that serve as trading venues for digital assets in which OFN claims that all operations will be enabled in a compliant manner. OFN’s commitments align with those of Huobi. As Head of Business Development and Investment for North America, Will Wang stated: “Huobi Eco has always been committed to providing support and solutions for Huobi to operate within the compliant requirements of every country in which we do business”.
The new partnership will increase Huobi’s exposure to new markets as they continue their expansion plans. With this new platform, users will be able to sell crypto for security tokens.
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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