By Mark L - Crypto Broker - 02-08-2021
In recent news, Binance will be ceasing all operations in Malaysia within the next two weeks. The company will also be discontinuing its futures and derivatives products in European countries, including Italy and Germany.
Malaysia's Securities Commission ordered Binance to cease and disband their business in the country within the next 14 days. It's reported that the Malaysian SEC (securities and exchange commission) ordered the large crypto exchange platform to stop all business due to Binance illegally operating within the country.
According to the country's SEC, the extent of Binance's closure in Malaysia is that they were ordered to suspend both its website and mobile applications. Aside from disabling their website and mobile apps in the country, Binance had to halt marketing in Malaysia immediately. Binance also had to terminate all services to any Malaysian investor immediately.
Binance is no stranger to not complying with country laws, and in fact, the Malaysian SEC barring the crypto trading platform comes after they had already added the company to the country's alert list. The SEC had initially added Binance to the list of unlawful firms back in July 2020 to prevent the company from having any business within Malaysia.
According to the commission, all crypto market investment sites must be registered to operate within the country of Malaysia legally. Despite Malaysia's strict laws in place, Binance has been warned several times recently by the SEC. Binance has been barred from functioning and providing services in other areas due to its infamous nature to comply with local regulators.
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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