Crypto Wallet Provider Partners with Western Union
By Jamie Green – Crypto Expert
The cryptocurrency wallet provider, Coin.ph, has partnered with the U.S. financial institution and services company Western Union for the enhancement of cross-border transfers. The initiative will first be trialled with the Philippines to provide the cross-border functionalities that buying and selling crypto offers.
The partnership will permit over five million Coins.ph customers to both regional and international payments transferred directly to their cryptocurrency wallet. This means that users can accept a transfer from any nation which Western Union operates in. Making a transfer to the user of Coin.ph will also not require the sender to buy or sell cryptocurrency for the transfer but will instead use existing infrastructure.
Western Union was strategically chosen so users could accept cash payments from almost every nation. The partnership will encourage the use of cryptocurrencies, but the service could not be used in reverse. A Coins.ph customer will not be able to sell Bitcoin or another crypto for cash to be transacted through Western Union’s infrastructure.
The Philippines was chosen for the trial as there is a need for international remittance services for sending money home. The existing banking infrastructure incurs large fees for the same service and is not efficient. Coins.ph has operations in the Philippines, Thailand, Malaysia and Hong Kong and has worked with commercial stores, Bitcoin ATMs, wire transfers and others to simplify the process of buying and selling Bitcoin. We could see the company expanding the reach of their services to more nations in the future.
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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