Ed D - Crypto Investor 08-07-2022
During an increasing battle, Ukraine's central bank is cracking down on digital money transactions. As a result of the declaration of martial law, this step was implemented.
According to the National Bank of Ukraine's official statement, banks – issuers of electronic money are prohibited from issuing electronic money, replenishing electronic wallets with electronic money, or distributing electronic money.
As a result, this might be a reference to fiat money housed in digital accounts through payment systems like PayPal. Ukrainians are turning to cryptocurrency investment as the nation imposes additional monetary limitations in the wake of geopolitical instability. As a result, purchasers are buying Tether (USDT) with fiat, which is pegged to the price of the US dollar, according to Kuna, a well-known Ukrainian crypto exchange.
The creator of Kuna, Michael Chobanian, says, "We don't trust the government. We have little faith in the financial system. We have little faith in the native money.” The bulk of individuals have no other option except other than to invest in crypto assets.
Tether is a major cryptocurrency with a market valuation of over $79 billion. Tethers price is less volatile than other cryptocurrencies. While Bitcoin and Ethereum, as well as numerous other cryptocurrencies, have seen significant volatility in recent weeks as a result of rising global tensions, Tether, on the other hand, has stayed rather constant.
Ukraine, in particular, was on its way to becoming a crypto powerhouse. Ukraine had planned to open the Bitcoin market to companies and investors, according to the Kyiv Post. The inhabitants of Ukraine, on the other hand, awoke to the sounds of explosions and sirens warning them of bombings on Thursday. Fearful populations are fleeing war zones in large numbers. As hostilities rise, the rest of the world watches.
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