Gus – Cryptocurrency expert
In light of the LUNA and UST implosion two weeks ago, the Financial Supervisory Service (FSS) of South Korea has announced preparations to undertake on-site checks on firms that supplied financial services to the Terra Labs project.
On Tuesday, May 24, 2022, Chan-woo Lee, a senior vice president of the FSS, made the news. At the National Assembly Hall, during the Enactment of the Digital Asset Framework Act and Emergency Inspection of Coin Market Investor Protection Measures.
According to Lee, the danger of the crypto assets such as Terra problem influencing the financial sector is still minimal, but on-site checks were performed on some organizations that provide financial services in connection with the issuer or linked virtual assets to prevent risk transfer to the financial market. An inspection will be carried out.
The FSS also announced that it will undertake a research service to assess the risk of virtual crypto assets and categories them based on risk characteristics in order to help guide future exchange listing reviews.
Terra Labs' native cryptocurrency, LUNA, fell from $119 to $0.000002 on May 11, 2022. Within 48 hours, it had lost all of its worth. Its stablecoin, UST, has likewise dropped from $1 to $0.02. According to Bloomberg, investors lost approximately $60 billion due to the failure of these projects. Buying crypto such as Luna can increase the risk of losing money.
Kristalina Georgieva, the chief of the International Monetary Fund (IMF), labelled the collapse of Terra-Luna as a "multi-level pyramid scam" during the World Economic Forum Annual Meeting.
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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