By Ollie H - Cryptocurrency Broker - 30-07-2021
PayPal intends to expand its crypto trading services to the British market "even in the next month." Reportedly, the company did exceptionally well with its new crypto features during the first half of the year.
It's reported that the global payment platform is introducing "incremental functionality" to the crypto trading platform within the "super app" when it's made available to the public. This comes following the announcement on July 15 that PayPal has boosted the spending price for crypto purchasing, with new spending limits of $100,000 per week.
As stated by the CEO of PayPal, Dan Schulman, the company is also working to provide an open banking application. The open banking feature integration will help provide faster payments through an ACH. The Automated Clearing House (ACH) is a payment service provided by PayPal that allows sellers to collect and receive payments online from customers quickly and efficiently. Merchants can receive the costs by debiting the customers checking accounts.
As of this week, it was reported in an article on Cointelegraph that the long-awaited "super app" on the PayPal platform will have- a high yield saving feature, consumer access to direct deposit funding, and further developed crypto features. Reportedly, the super app will be available soon as it's rumoured to be near ready for launch.
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 firstname.lastname@example.org 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 email@example.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 firstname.lastname@example.org Kind Regards