By Tayler - Cryptocurrency Retailer - 28-09-2021
The crypto market and community witnessed one of its worst drops due to China's crypto crackdown in May. Now again, everyone in the community who is investing in cryptocurrency has been waiting on the backlash from the second Chinese crypto ban this year. Since China had further expanded upon its crypto ban law into illegalising all cryptocurrency and transactions, many crypto exchange platforms have been quickly withdrawing all operations from the country. No stone has been left unturned as even the world's largest exchanges, including those with previous run-ins from illegally trading in countries, have packed up their bags to move to more promising nations.
Three platforms to mention have already ceased operations within the country, BitMart, Biki, and Feixiaohao. It's reported that Alibaba International has had to announce restrictions on the use of crypto mining machines. According to BitMart, a popular platform for buying and selling Bitcoin (BTC) and altcoins, the exchange is in the works for completely deleting and removing all registered accounts with a Chinese IP address. BitMart will also halt all online services to users within Mainland China.
Unlike BitMart, Feixiaohao has stated that they have already wholly terminated all services to customers from China. Whereas Biki has announced that they have stopped all new registrations for customers with a Chinese IP address. However, Biki's platform will remain up and running for China until November 30.
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 firstname.lastname@example.org 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 email@example.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 firstname.lastname@example.org Kind Regards