David – Cryptocurrency Expert
The acting Chief Accountant of the SEC stated that they are cautioning investors to be wary of statements made by cryptocurrency exchange platforms
Paul Munter noted that the SEC will take a referral to the enforcement division under consideration
Proof-of-reserve filings don't include enough information, the SEC cautioned
The US Securities and Exchange Commission (SEC) has reportedly tightened its monitoring of cryptocurrency auditors' work for cryptocurrency businesses.
"We are telling investors to be very skeptical of some of the promises that are being made by crypto firms. If we come across fact patterns that seem troubling, we will think about referring the case to the division," said Paul Munter, acting chief accountant for the SEC, in an interview. Crypto firms have been working to regain consumers' faith since FTX's demise by utilizing their proof of reserves report demonstrating that they still hold their customers' money. As a result, cryptocurrency businesses are contacting audit companies to provide third-party guarantees to clients and investors.
The SEC stated that these proof-of-reserve reports do not give adequate information and that people who are investing in cryptocurrency should exercise caution when relying on them. Additionally, according to the SEC, some of these disclosures do not contain all the pertinent financial information because crypto businesses later claim that doing so violates confidentiality.
As investor anxiety grows, the SEC is also cautioning auditing companies that publishing crypto audit findings might harm their reputation. The auditing assertions were recently deemed untrustworthy by FTX's new CEO John Ray. Many companies, including Mazar, the author of Binance's reserves report, have halted as a result of the increasing pressure on auditors. Due to the possibility of legal action, damage to their image, and increasing regulatory scrutiny, the Big Four accounting firms are actually not prepared to audit the proof of reserves report.
Even that said, considering that most users have already taken their coin holdings and other crypto assets out of these various crypto exchange platforms, exchanges that make it through this winter market could be considered reliable. But ultimately, it seems that the major lesson from this bear market is to store your assets in wallets that do not have access to your private keys.
Store your crypto in your personal wallet and if you are looking for a regular top-up, make sure to visit BCBitcoin – a cryptocurrency broker. The website lets its registered users to buy and sell cryptocurrency and so much more.
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