CJ - Cryptocurrency Enthusiast
The former CEO and co-founder of Terraform Labs, Hyun-seong Shin, has been cleared of security violation charges by a South Korean district court. The court ruled that LUNA, the native token of the LUNA ecosystem, is not a security under Korea's Capital Markets Act. In addition to property offences, the prosecution claimed that Luna's fraudulent transactions violated the Capital Market Act. The Terra-LUNA incident is now categorised as a matter of fraud and breach of trust rather than a violation of the Capital Markets Act by the most recent court decision.
The prosecution's request for the confiscation of Shin's assets and his detention due to violations of the securities laws was denied by the court. The judgement is significant because, in contrast to the position taken by the United States Securities and Exchange Commission, it establishes unequivocally that Luna is not a security. The court stated that it was challenging to determine whether the claimed property had been "acquired by a crime or an asset derived from it." According to the former CEO's attorney, the prosecution's request for an arrest warrant for his client and other parties involved in this case was denied by the court.
While the prosecution is still focusing on the securities aspect of the native token and has appealed to the Supreme Court against the verdict of the lower district court, the latest court ruling makes it clear that Luna could not easily be considered a crypto market investment product. The ruling is significant for the cryptocurrency trading industry in South Korea as it provides clarity on the classification of digital crypto assets under the country's securities law. The court's decision will likely impact future regulatory actions taken by the government, regulators and the South Korean cryptocurrency investment industry.
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