By Max S - Cryptocurrency Enthusiast - 29-09-2021
The world of buying and selling Bitcoin (BTC) and altcoins has major ups as it does downs. Crypto technology becomes more advanced on a daily basis and is reshaping the digital world. Despite the high efforts of the cryptocurrency trading industry, there are a lot of incidents that do not highlight its good side.
Reportedly, one of the most trusted Bitcoin exchanges in the US has been caught illegally trading to customers. A popular cryptocurrency exchange platform, Kraken, had recently been fined over $1 million by the US government. The United States Commodity Future Trading Commission (CFTC) has recently sanctioned the crypto broker platform. Despite the fact that the Kraken Exchange is one of the most significant crypto exchanges worldwide, it was still operating illegally within US borders. According to sources, the exchange must pay the CFTC a settlement fee of $1.25 million.
According to the CFTC, the exchange failed to register to trade crypto legally within the United States. Further stating that Kraken did not follow the Commodities Exchange Act rules, this applies to providing margin crypto products in June 2020. When the news was made public, in the official release, it stated that Kraken did not sign up to be a Future Commodity Merchant (FCM) or a Designated Contract Market (DCM). The two vital certifications should have been completed and registered prior to offering margined crypto transaction services.
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 email@example.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 firstname.lastname@example.org 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 email@example.com Kind Regards