Cohen and Company Publish Latest Independent Attestation Audit of TrueUSD Funds
By Luke Flowers – Cryptocurrency Speculator
Cohen & Company, the firm behind the independent audit of the bank accounts holding the collateral for TrueUSD, have released their latest finding on the TrustTokens stablecoin. An independent audit was chosen to provide users with greater transparency and reassurance that their funds are secure and fully backed.
The accounts were last audited on the March 31 and Cohen & Company released a statement supporting that the TrueUSD issued and in circulation, is fully collateralised with USD holdings in their bank accounts. This provides users with the reassurance of selling crypto or Bitcoin and have it exchanged into USD through the TrueUSD token.
TrustToken has a strong commitment to compliance shown by their choice in using an independent third-party certified public accounting firm. By using a regulated entity that is separate from their own operation, TrustToken can build trust between their users who may doubt the legitimacy of some cryptocurrency operations. This is established further when considering that Cohen & Company has no financial interest in TrustToken or its affiliates.
TrueUSD is the first asset-backed token created on the TrustToken platform that allows the exchange of USD directly with an escrow account without having to trust the hidden bank account of a company. Escrow accounts were chosen due to their legal contracts for asset management and enabling periodic attestation. Open-source smart contacts are used to ensure a 1:1 parity between TrueUSD and the USD. Due to this transparency, users will be able to cash out crypto to fiat of any tokens in circulation as they are all fully backed.
TrustToken has released plans to introduce TrueGBP, the next stablecoin to be released by the firm and fully collateralised by a fiat currency. Users in the UK or elsewhere could use this token to cash out Bitcoin or sell crypto to exchange out into GBP.
Don’t forget to head over to our platform if you’re seeking to exchange Bitcoin for cash or learn about the latest developments in the space.
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