Quedex Seeking to Gain State Licence to Operate Crypto Exchange in Gibraltar
By Luke Flowers – Crypto Speculator
Quedex, the crypto exchange that offers cryptocurrency-backed derivatives, has applied for the Distributed Ledger Technology (DLT) Licence from the Gibraltar Financial Service Commission (GFSC). Obtaining the licence will make Quedex the first exchange to receive government approval. The launch of the new exchange could help increase volumes selling Bitcoin in the area.
A press release stated that the agreement had already been made ‘in principle’ awaiting the GFSC to present a few more conditions for the exchange to meet before officially authorising its activities.
The licence will permit Quedex to conduct compliant services for institutional investors looking for an approved trustworthy trading service. These institutions will be able to bet on the volatile price movements without buying or selling crypto. There are currently no platforms in Gibraltar that offer cryptocurrency-backed derivatives. Further to larger institutions able to invest in crypto derivatives, this licence will increase their legitimisation and could help induce crypto selling and buying in the area.
One way the exchange hopes to attract investors is through transparency with regulators and Quedex believes this is imperative to long-term success. With the backing of the GFSC and an on-going relationship with regulators, Quedex could become the hub for institutional investors in Gibraltar to buy and sell cryptocurrency derivatives.
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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