CJ - Cryptocurrency Enthusiast
Magic Eden, a leading NFT marketplace on the Solana blockchain, has made the decision to temporarily suspend Bitcoin BRC-20 trading. This move comes in response to a significant drop-in trading activity within this sector.
The primary aim of this suspension is to protect users until a consensus is reached regarding BRC-20 activities. Notably, this suspension will have no impact on other trading activities conducted on the Magic Eden platform.
Magic Eden had previously introduced a fully audited marketplace for Bitcoin Ordinals, specifically in March of 2023. This was designed to provide collectors with a user-friendly and secure experience.
As part of its commitment to enhancing user experiences, the platform had also forged partnerships with 13 prominent NFT crypto collections and integrated two non-custodial wallets, Hiro and Xverse.
Chinese reporter Colin Wu has drawn attention to the declining state of BRC-20, particularly following the sats mint and the emergence of Rune as a potential alternative. In recent times, BRC-20 activity has dropped considerably, with daily transactions accounting for less than 3% of those on the Bitcoin (BTC) blockchain.
Magic Eden's decision to temporarily halt Bitcoin BRC-20 trading reflects its dedication to user protection and security in the ever-evolving world of Non Fungible Tokens.
For more on latest cryptocurrency news visit one of the top Bitcoin Brokers – BC Bitcoin.
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