Max - Cryptocurrency Consultant - 27-09-2021
As reported by Forkast in recent news, NH Nonghyup is the third bank within the borders of South Korea to purchase a digital asset custody service. Reportedly, the Nonghyup Bank had invested in the asset despite being illegal to run its own within the country. The CEO of the Bank, Kwon Jun-Hak, said that the company has now officially invested in a virtual asset custody service, similar to the two other banks, Kookmin and Shinhan. According to Jun-Hak, the Nonghyup Bank has strategically invested in digital asset custodian Cardo.
The latest investment service deployed by the bank has been dubbed the Vault Custody, which currently holds Bitcoin (BTC) investments, Ethereum (ETH), and Clay. Additional companies have recently agreed and signed a contract for services within the digital asset industry in the second quarter of the year. The companies involved in the signing included Hexlant, Galaxy Armory, and Korea Information Communication. Reportedly, Aton, a fintech security firm known for investing in equities, had also signed the agreement. The outcome of the agreement resulted in Nonghyup Bank committing just shy of 15% of Cardo's capital; at the time, this was worth about 2 billion won.
In comparison to other equity investments, Cardo promotes crypto buying, non-fungible tokens (NFT), security token offering (STO), custody, and digital asset settlements. According to the fintech firm, Aton has stated that Cardo is not just known for crypto market investments. The company also has multiple other token-based products from various industries.
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