Bitfinex To Introduce New Decentralised Exchange Ethfinex Trustless
Ethfinex recently blogged development plans for a high-performance exchange for decentralised trading, Ethfinex Trustless. The platform is being developed to overcome issues of trust that plague current centralised exchanges. A decentralised exchange will allow users to buy and sell cryptocurrency from their own wallets.
A centralised exchange must be trusted with the control of user currencies. These are generally held separate from the exchanges’ hot wallet in which a user needs to request for the trade to commence. An order to buy Bitcoin does not always reach the blockchain with these trades and they are generally credited to users’ accounts.
Delays can be experienced as the exchange has to action deposits and withdrawals. A user can only deposit and request withdrawals in which they must rely on the exchange to action and credit. Not all exchanges will update automatically using APIs for security and so a user can experience delays. A trader may look to buy Ethereum with Bitcoin on a centralised exchange but is required to deposit the Bitcoin prior to the trade commencing.
Ethfinex Trustless aims to improve users experience from centralised exchanges by not requiring signups and no need to deposit or withdraw without having to relinquish control of the asset. Ethfinex can achieve this by executing trades against a highly liquid off-chain order book. This off-chain allows users of Ethfinex Trustless to trade directly against the Bitfinex and Ethfinex order books, addressing current liquidity constraints of decentralised exchanges.
The Ethfinex Trustless platform will initially launch trading pairs against Ethereum and Tether with further pairings planned. Traders and users can use the platform at launch to buy Ethereum, OmiseGo and 0x with Tether.
A lot of centralised exchanges are developing new decentralised platforms that do not have central processing hubs or storage of coins which can attract hackers. These platforms can process trades straight from users’ wallets preventing the need to trust an exchange.
Looking to buy Bitcoin UK, head on over to BC Bitcoin for your crypto services and the latest news in crypto.
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