After Three Years, Bitstamp Acquires the Bitlicense to Operate in the State of New York
By Mark Lemon – Cryptocurrency Professional
Bitstamp, one of the only fully regulated cryptocurrency exchanges in the European Union, has finally received approval from the New York Department of Financial Services (NYDFS) to operate an exchange in the state of New York to buy and sell Bitcoin. This approval comes three years after the exchange applied for the licence and marks Bitstamp as the 19th company to receive it.
Current CEO Nejc Kodric strongly felt that acquiring this licence would be key for the success of the exchange whilst other firms like Kraken, Bitfinex and ShapeShift have avoided the state. The exchange has always operated in the US but ceased operations in Washington State over regulatory concerns. The new licence means Bitstamp can provide services to sell and buy BTC in this state, argued to be one of the hardest to obtain.
Bitstamp was recently acquired by Belgium-based investment firm NXHM back in October 2018 as part of it expanded into the US. The company has embraced regulatory efforts with a focus on transparency and accountability, particularly with institutional investors. Adhering to the rules of the licence, Bitstamp meets several requirements regarding the protection of the consumer. Many investors will only buy cryptocurrency sourced from a fully regulated and licenced exchange they can trust.
Obtaining one of the most prestigious licences for operating a cryptocurrency exchange at this moment, Bitstamp is accountable to the high standards followed by traditional financial institutions. This licence is still restrictive in the way that it does not authorise a company to trade all cryptocurrencies but those that have received approval. At this time, this will permit Bitstamp to sell and buy XRP, Bitcoin, Bitcoin Cash, Litecoin and Ethereum.
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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