CJ – Crypto Speculator
Three of Sam Bankman Fried's assistants have been fired by the current administration of the insolvent FTX cryptocurrency exchange.
Gary Wang, Nishad Singh, and Caroline Ellison were sacked by FTX, according to a Wall Street Journal (WSJ) story. These three held the positions of chief technology officer, director of engineering, and trading specialist at the Bitcoin exchange, respectively. Notably, Caroline Ellison oversaw the trade, and Gary Wang was one of the FTX exchange's founders. Bankman-Fried also stepped down as CEO when FTX filed for Chapter 11 bankruptcy restructuring earlier in November, handing the reins of authority to businessman John J. Ray. According to the bankruptcy petition, Ray reportedly stated: “I was granted all corporate rights and authority under relevant law, including the capacity to choose independent directors and start these Chapter 11 lawsuits immediately.”
The FTX collapse, according to the new CEO, was caused by the concentration of power in the hands of a small group of incompetent and dishonest individuals. According to a recent report from WSJ, who cited financial records from the firm, Bankman-Fried reportedly sold a $300 million interest in the business after the crypto exchange's launching round last year. When Temasek and Tiger Global contributed $420 million to FTX's financing effort in October 2021, the Bitcoin exchange was valued at $25 billion. The former CEO told investors that the $300 million he spent from the firm stake was part of the money he had used to purchase Binance's interest in FTX a few months earlier.
Crypto firms are prepared for the effects of FTX's crash, with many putting their exposure in the millions.
The safest and cheapest place to buy Bitcoin or any other cryptocurrency is via a trusted cryptocurrency broker, such as 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