By Jamie G - Crypto expert - 01-10-2021
The Securities and Exchange Commission (SEC) is no stranger when it comes to rejecting cryptocurrency exchange-traded funds (ETFs). In recent weeks, the community has been in talks wondering how the new Bitcoin (BTC) ETFs would affect the price to buy BTC. Most agreed that the price would rise greatly, but many analysts pointed out that the SEC would likely reject the ETFs as they have done with many others in the past.
However, in recent news regarding the BTC ETFs, the SEC has reportedly extended the deadline to decide on four Bitcoin ETFs rather than rejecting all funds that come through. The SEC has extended the timeframe by 45 days, giving them a month and a half to evaluate the funds further. According to the SEC, they need more time to decide on whether or not they should approve the 19b-4 applications, leaving the approval of the four ETFs to be pushed back.
Reportedly, the new dates for the ETFs will occur respectively in this order; Global X Bitcoin Trust has been for November 21, Valkyrie XBTO Bitcoin Future Fund for December 8, WisdomTree Bitcoin Trust for December 11, and Kryptoin Bitcoin ETF for December 24. If all is approved, investors will be able to buy Bitcoin ETFs in the near future.
If the SEC does approve even one Bitcoin ETF, it's expected to increase the price for buying Bitcoin significantly as a large number of traditional investors will take part.
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