The New York State Department on Financial Services BitLicense
Any company operating virtual currency business activities in or from the state of New York are required to obtain a Bitlicense. This licence authorises that organisation to conduct within this market by either providing virtual currencies or services around it. A business that has obtained this licence is free to sell cryptocurrency. The New York State Department on Financial Services (NYDFS) has published regulatory framework for businesses seeking to apply.
The rules state that a licence is required for those engaging in any virtual currency business activity. Cryptocurrency exchange Coinbase obtained the license back in January 2017 to continue its services for buying and selling crypto. Though a business can conduct virtual currency business operations with the license they are still prohibited from engaging with those without.
Exemptions are made in the form of persons chartered under the New York Banking Law and merchants and consumers using virtual currency purely for the purchase and sale of goods, services and investment purposes. This suggests a company holding the BitLicense can cash out Bitcoin for a business selling goods solely with virtual currency.
The application process can be lengthy with multiple levels of verification conducted. The business must be willing to co-operate with full transparency to receive the licence and an application fee is also applicable to all applicants.
By implementing this process NYDFS is showing that its interests are with protecting the consumer. The licence will help to legitimatise those businesses that receive it whilst single out those that are operating within the state of New York that haven’t. A holder in the US looking to cash out crypto will have greater reassurance using a business that holds a BitLicense.
Remember to head to BC Bitcoin if you’re looking to sell crypto or to keep up with what’s going on in the crypto space.
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