US Secretary of State Wants BTC to be Regulated Like Other E-Transactions
By Luke Flowers - Crypto Broker
United States Secretary of State Mike Pompeo is pushing the activity of buying and selling Bitcoin (BTC) for purchases and services, to become regulated like other digital payment services.
On August 20 Pompeo, in his interview with Squawk Box, opened up about the risks of anonymous transactions associated with cryptocurrencies. Pompeo states they’ll make sure Bitcoin doesn’t become the equivalent to the historical Swiss numbered accounts that provided users with additional security. These were scrutinised by the banking community as a risk to the financial system in which many believe buying and selling Bitcoin could constitute a similar system.
CNBC host Joe Kernen brought up Bitcoin when talking about the geopolitical tensions and terrorism being experienced in the Middle East. Kernen reiterated a claim by Treasury Secretary Steven Mnuchin that money shouldn’t be used for any nefarious purposes. Many buy Bitcoin for this purpose due to its anonymity.
When asked to give his two cents on the matter, Pompeo agreed with Mnuchin’s statements to a degree in that he hopes crypto or anonymous transactions don’t become the norm as that “would decrease the security for the world.”
However, Pompeo does not agree with Mnuchin’s intentions by enforcing powerful regulations in the space. Instead, he would have BTC regulated in the same manner as other electronic financial transactions. This means the activity to buy and sell BTC would become completely regulated.
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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