By Luke F - Crypto Retailer - 27-09-2021
One of the biggest crypto events of 2021 occurred in May when the Chinese government announced a cryptocurrency crackdown. When China banned the nation from buying crypto, we saw a devastating blow in the cryptocurrency market. Prices of crypto assets dropped drastically from Bitcoin (BTC) to altcoins. The market drop came soon after the People's Bank of China (PBOC) stated that Bitcoin, altcoins, and stablecoins are now illegal within the country.
In recent news, China has again reiterated its law to prohibit all forms of cryptocurrency, crypto transactions, and mining. The sudden news outbreak had caused the cost of buying Bitcoin to fall by more than $2000. According to the CEO of Galaxy Digital, Mike Novogratz, the crypto market was hitting lows for more reasons than just the latest crackdown announcement.
Reportedly, the price for BTC regularly decreases when China is involved, but as Novogratz stated in a recent interview, he believes that the Bitcoin market is in good health. In fact, the CEO has stated that Bitcoin will continue to grow and even reach new highs. Despite the initial ban on crypto within China back in May, Bitcoin had since recovered in price. On Sunday, the price to buy BTC had increased greatly and recovered from the recent drop.
Interestingly, before the crypto crackdowns occurred, the entire country was avidly investing in Bitcoin. More or less, every company and business invested in the currency, and every billionaire added it to their portfolios. However, BTC has yet to recover to its all-time high.
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 email@example.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 firstname.lastname@example.org 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 email@example.com Kind Regards