David – Cryptocurrency Expert
According to Santiment, stablecoins have caused a rise in cryptocurrency exchange withdrawals
These withdrawals were significantly influenced by the FTX scandal
The liquidity of exchanges is negatively impacted by this large volume of withdrawals
The FTX meltdown's highly affects crypto market investment space. As a result, according to data from the market intelligence company Santiment, individuals are beginning to take matters into their own hands.
Dan Held, Changpeng Zhao, and Michael Saylor, three well-known figures in the cryptocurrency sector, all suggested that users exercise self-custody. They said that Bitcoin on an exchange is essentially entirely at the exchange's mercy and is susceptible to any issues that may arise. Stablecoin withdrawals from exchanges have surged, according to statistics from Santiment, suggesting that most users paid attention to this warning. According to the indicators for supply outside of exchanges, there have been sizable exchange outflows in the previous few days for USDC, USDT, and BUSD.
Although interest rate increases may have had an influence on the high stablecoin withdrawal rates at the moment, many people think that the FTX controversy also had a significant part in these withdrawals. Unfortunately, this large volume of withdrawals has a detrimental effect on exchange liquidity. As more people withdraw their money from exchanges, there might soon be a serious scarcity of tradable assets on the market.
To avoid such risks crypto investors should consider forwarding their assets to cold wallets and use exchanges for swaps/buys and sells only. This can be done with BCBitcoin a cryptobroker whose most notable service is to buy and sell cryptocurrency. Moreover, as a platform, BCBitcoin, provides guidelines for people interested in cryptocurrency. You can find various articles, guides for different crypto projects, wallets and how to use them. Remember, if you are not confident to trust any of the platforms, first check the customer reviews, which in BCBitcoin case, are outstanding. Keep your crypto assets safe and sound.
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