Will Coinbase have its Initial Public Offering (IPO) Later This Year?
By Luke Flowers – Cryptocurrency Expert
Coinbase is one of the top-ranked United States-based exchange platforms for cryptocurrency trading. Established in 2012, the organization is virtually the most critical and well-known digital asset platform out there, with over 35 million users. In 2018 Coinbase was priced at $8 billion in a private fundraising round. It was reported as the 3rd largest exchange by spot trading volume in May with over $6.8 billion in crypto assets, following both Binance and OKEx on top.
Virtual Assets Service Providers (VASPs) and cryptocurrency businesses have been confronted with difficulties when trying to establish themselves with global regulators. Conversely, a sharp increase of interest by institutions is being seen in this new asset group. With the enforced ‘travel rule’, it is easy for the VASPs to comply with the regulators and to operate legally.
The US Financial Action Task Force (FATF), an organization of 39 member states, has also stepped forward in delivering further guidance on compliance procedures for VASPs. This is in contrast to top US regulator Securities and Exchange Commission (SEC), who many claim lack vision and understanding on the subject. The only thing the SEC mentioned was that some cryptocurrencies should be subjected to regulation and can be considered safeties.
As a result, Coinbase will require the approval of the SEC if they proceed with their initial public offering (IPO). Reuters reported from anonymous sources that, in fact, Coinbase is the platform that will be listed later this year by the SEC. What’s more, while the exchange giant has not recorded with the the SEC its plan to go public, it is believed that the organization is liaising vigorously with hire investment banks and other law firms.
For now, Coinbase and the SEC are both refusing to make any comment on the rumour. If the sources are found to be true, a new milestone would be reached and ignite a new era of groundbreaking digital currency and business innovation.
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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