The Binance exchange has taken another step forward by resolving 79 of the 281 Nigerian users' accounts that it had previously suspended.
Furthermore, Binance has said emphatically that the remaining accounts will be resolved in the coming days. Furthermore, the exchange will provide a comprehensive settlement and simpler solutions to all non-law enforcement-related situations that were inadvertently touched.
“We've settled 79 instances so far, and we're still working on the rest. All matters that are not linked to law enforcement will be addressed within two weeks.”
At the request of international law enforcement, Binance placed the limitation to bolster its platform security and fraud prevention mechanism.
These personal account limitations have impacted 281 Nigerian accounts. On the request of foreign law enforcement, about 38% of these instances were prohibited.
Furthermore, Binance CEO Changpeng Zhao (CZ) has apologised for any difficulty that the account limitation may have caused, emphasising that user security is his top concern. Furthermore, CZ noted that Binance has implemented security measures including as KYC, anti-money laundering measures, and engagement with law enforcement to guarantee that its ecosystem is well protected.
Binance will continue to grow its cryptocurrency trading platform and portfolio in Nigeria by restoring user confidence. The exchange is attempting to foster crypto market investment and this crypto synergy by committing a significant portion of its customer service (CS) workers to Nigeria. "We will devote additional CS and risk agents with a superior grasp of the Nigerian market," he added.
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