By Ollie H - Cryptocurrency Broker - 11-08-2021
A particular crypto-based blockchain network integrates a new cross-border remittance corridor that will service around 600 million clients. The cross-border remittance held in the crypto to fiat decentralised protocol, Stellar (XLM), is considered one of the most exemplary use cases for cryptocurrency to propel it into mainstream finance.
In similar news happening concurrently, Velo Labs and two financial institutions were the companies that essentially built the $17 billion corridor. The cross-border remittance corridor connects the entirety of Europe to the country of Thailand. Hosting the corridor services are two local banking businesses Tempo Payments and Bitazza. The two companies will utilise the Velo Labs blockchain-designed protocol, which will help bridge a connection between Thailand and 27 countries in Europe.
The corridor originating from Velo Labs, once completed, will be housed on the Stellar blockchain and use native Velo tokens and Velo digital credits to conduct transactions within the blockchain network. As previously stated, 600 million clients from southeast Asia and countries in Europe will be provided access to the new corridor. According to the release, by leveraging their unique networks, the collaboration can provide speedy and more affordable cash transactions.
Subsequently, despite the massive steps forward taken in the cryptocurrency trading industry, the Bank of Thailand (BOT) recently issued a warning against crypto holdings. The warnings from the bank cited dangers like money laundering, theft, and price volatility. Even though cryptocurrency investments 2021 have taken great strides to ensure security and privacy within transactions, the BOT issues caution anyone who wishes to purchase anything with crypto.
If you are looking to Buy and Sell cryptocurrency, but you’re not sure how to buy Bitcoin (BTC) then you can head over to BC Bitcoin where you can safely start investing today.
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