By Luke F - Crypto Investor - 10-08-2021
In less than half a year of working at a popular crypto exchange platform, a former SEC director leaves Coinbase. Coinbase vice president Brett Redfearn has quit after a brief time working for the exchange, four months to be exact.
The securities and exchange commission director has opted to move away from crypto asset management and looks to pivot his career. With only four months into employment, as of August 9, Brett Redfearn resigned from his position as vice president of Coinbase.
Back in late March, Coinbase announced that Redfearn would be a new member of the team shortly before Coinbase went up on Nasdaq. Coinbase is one of the largest cryptocurrency exchanges in the United States, second to the crypto trading platform, Binance. Coinbase has a remarkable community with over 56 million users who are using its services regularly. In addition, the firm has played a significant role in popularising crypto and boosting hype for investing in cryptocurrency.
As previously stated, it's reported that Redfearn wanted to stray from crypto assets; the crypto category also comes under legal securities in America, this includes conventional stocks and bonds. It's also been said that he may be avoiding other crypto giants which are classed as commodities such as Bitcoin (BTC) and plans on taking a different route.
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 email@example.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 firstname.lastname@example.org 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 email@example.com Kind Regards