BitGo is Granted a Trust Licence by New York Regulators
Crypto Broker - Tyler
BitGo, the Goldman Sachs-backed crypto custodian, has secured a licence from the New York Trust to act as an autonomous custodian in the state.
As per the statement, the current charter allows BitGo to offer custodial services to institutional clients in New York looking to invest in cryptocurrency in accordance with local regulations. With the latest licence, BitGo will provide Know the Customer and Anti-Money Laundering measures with a new licence as well as provide offline cold storage of cryptographic keys in bank-grade vaults, BitGo stated.
BitGo CEO Mike Belshe talked about the trust charter from NYDFS and whether or not it would help the firm represent the world's leading financial companies in the state of New York.
Belshe stated that the firm had experienced a huge surge in clients, saying that it had been a great year for BitGo due to a large amount of significant financial firms that bring in new levels of prestige, stability, and liquidity to the crypto ecosystem.
BitGo had filed for a New York trust charter back in August 2020 to begin functioning as an autonomous and supervised custodian in the state.
Established in 2013 in Palo Alto, California, BitGo offers institutional storage for cryptocurrencies such as Bitcoin (BTC) and crypto payments. The corporation is supported by large mainstream companies such as Goldman Sachs and businesses such as the Digital Currency Group and Galaxy Digital Ventures.
In the previous year, BitGo created two new custodial subsidiaries based in Switzerland and Germany, each of which is supervised by the authorities in their respective jurisdictions.
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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