CJ - Cryptocurrency Enthusiast
By publishing a notification, Coinbase made it clear that they had a robust crypto asset management strategy and capital preservation
The announcement was made to emphasize how Coinbase was unique from other cryptocurrency exchange platforms
Coinbase further stated that they will continue to strive for responsible crypto market investment economic growth
To stress that they have a solid risk management program and a robust capital position, the cryptocurrency exchange Coinbase issued a public declaration through Twitter. The action was taken to protect the platform's interest in Coinbase consumers.
Following the FTX fall and worries about a liquidity shortage, Coinbase made the decision to publish a warning to reiterate how the exchange was unique from other platforms. The exchange platform first declared that they had no exposure to Genesis Trading.
"Coinbase and our clients are not directly at risk of liquidity or credit risk. We have very little exposure to FTX and none to its token, FTT, whether or not the Binance FTX transaction closes.”
According to reports, Coinbase presently has $15 million in deposits on FTX to support customer transactions and business operations. The cryptocurrency trading platform also affirmed that they had no financial ties to FTX or Alameda Research. Coinbase further stated that it has been open about its performance and balance sheet soundness. They also manage risk for their clients and others in an efficient and responsible manner.
Coinbase also underlined the significance of regulatory norms: "Congress has to set clear, national laws for cryptocurrency – and make those rules functional so firms aren't rewarded for developing outside the U.S.," they continued. Because of this, Coinbase has pushed for regulation from the start.
In closing the notice, Coinbase stated that they will continue to make every effort to safeguard its clients while trying to develop the crypto economy in a secure, responsible manner.
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