By Aaron - Bitcoin retailer - 02-11-2021
Financing officials in Korea have been avoiding disclosing information and reports regarding Bithumb and Coinone. There are more rumours over questions as to why the reports have yet to be released and due to the lack of details, many investors are beginning to panic.
Bithumb and Coinone are both popular cryptocurrency exchange platforms based in Korea; catering to a selection of both retail and corporate investors who are only too familiar with the space to be aware of any growing concerns when investing in cryptocurrency. Crypto investors are often on top of the game, and nothing escapes them when something goes wrong. So when the users of Bithumb and Coinone noticed that the companies have been neglecting to release their reports, worries amongst the communities began to rise. Despite the many attempts for an explanation there has yet to be any information from either cryptocurrency trading platform.
As part of South Korean law, cryptocurrency exchanges must comply with the legislation for Korean digital assets. To legally operate within the country includes registering with the Korean Financial Intelligence Unit (FIU). Even though the “Big Four” exchanged in South Korea must comply with the rules set in place, both Bithumb and Coinone have avoided disclosing reports for the second time in a row. The suspicious behaviour from the two companies have cause an uproar in speculations regarding the transactions the companies are making. Furthermore, the latest events have caused yet another delay for the Repair Result for the exchanges.
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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