CJ - Cryptocurrency Enthusiast
According to reports, DBS Group Holdings Ltd., Singapore's largest bank, is now accepting new clients for its exclusive cryptocurrency trading service for members. According to the press release, the decision was made in response to the rich clientele of the bank's rising preference for self-directed investing plans.
The DBS Treasures portion of the DBS Digital Exchange now allows accredited investors to trade Bitcoin, Bitcoin Cash, Ether, and XRP, with a minimum investment requirement of S$350,000 ($246,000).
With a $500 minimum commitment, the services will be available to about 100,000 Singaporeans. Up until recently, the service was exclusively available to corporate and institutional investors, family offices, clients of DBS Private Bank, and users of DBS Treasures Private Client. According to the bank, between April and June, there were around four times as many deals on the digital exchange and nearly as much Bitcoin was bought.
DBS has recently made several pro-cryptocurrency trading gestures, including this one. Piyush Gupta, CEO of DBS since 2009, stated earlier this month that established and regulated financial institutions, not simply start-ups, should be providing products like trading crypto assets for ordinary investors considering the recent decrease in the value of cryptocurrencies.
Gupta continued by saying that DBS must support Singapore's effort to create cutting-edge financial technologies.
The scenario for Singapore's retail crypto sector is rather different, though. The managing director of the Singapore Monetary Authority Ravi Menon said the organization will restrict retail access to cryptocurrency investment and provide "additional steps to avoid consumer damage”. However, Menon did reiterate the MAS's belief in the "transformative" economic potential of the wider ecosystem of digital assets, which also includes tokenized digital copies of traditional assets.
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