David - Cryptocurrency Enthusiast
In a recent move, the Federal Republic of Somalia has chosen to prohibit the usage of the crypto-friendly messaging application Telegram, alongside the popular social media platform TikTok, and the online gambling site 1XBet. Despite this decision, legal cryptocurrency investments remain unaffected and are not subject to prohibition.
The Ministry of Communications and Technology (MOCT) of Somalia officially declared on August 20th that the government would be taking steps to shut down Telegram, TikTok, and 1XBet.
During discussions on telecommunications and internet security, MOCT Minister Jama Hassan Khalif, in collaboration with the National Communications Agency and major Somali telecom companies, emphasized the government's commitment to preserving the cultural values of Somali society. The minister noted that the pervasive presence of telecom and internet devices has led to changes in lifestyles, often contributing to undesirable habits.
The official statement from MOCT underlined the necessity to halt the operation of TikTok, Telegram, and the gambling platform 1XBet. These platforms were believed to have negatively influenced Somali youth, resulting in unfortunate consequences.
Reports suggest that Somalia's decision to ban these platforms is also motivated by the desire to curb the dissemination of inappropriate content and propaganda. Minister Khalif reportedly expressed that the internet companies providing these applications must comply with the order to cease operations by August 24. Failure to adhere to this directive will prompt appropriate legal actions.
Although it remains unclear whether the ban on Telegram and other platforms will impact Somalia's cryptocurrency adoption, it is essential to note that investing in cryptocurrency, including trusted Bitcoin, is not restricted within the country. Nonetheless, it's worth mentioning that like various global jurisdictions, concerns regarding the potential association of cryptocurrencies with terrorism financing risks are often raised.
This development closely follows Iraq's recent decision to lift the ban on Telegram in mid-August. The initial ban had been imposed due to concerns about personal data and security.
In April, Brazil suspended Telegram in response to an investigation into neo-Nazi groups using the platform to incite harmful activities. Telegram faced penalties of approximately $186 million for non-compliance with the investigation into these illicit activities on their platform.
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