Binance, the world’s largest crypto-trusted Bitcoin broker and blockchain infrastructure provider, has been able to upgrade its US$1 billion Secure Asset Funds for its users.
Binance has launched the Secure Asset funds for its users (SAFU) in July 2018 to defend the interests of its users and improve their cryptocurrency trading experience. Binance guaranteed a proportion of crypto trading fees when the fund was founded to build it to considerable size and protect the interests of its users.
"We always claimed 'funds are secure' at Binance, and now the Binance Secure Asset Fund size functions as an effective precaution as well as protection for customers against such unexpected circumstances," said Changpeng Zhao (CZ), Founder and CEO of Binance. We are convinced that our users' interests are well-protected thanks to our cutting-edge security.
CZ added: "Because we believe that transparency is a vital part of developing trust, we are disclosing our insurance fund wallet address. We urge all centralised exchanges to follow suit, as it will benefit the whole ecosystem and demonstrate our collective commitment to maintaining confidence, integrity, and openness in the crypto ecosystem to governments, regulators, and key stakeholders."
Binance started to donate 10% of all crypto trading fees to Secure Asset Fund for Users when it was primarily formed in 2018 to offer insurance against any security breaches. Binance will continue to calculate the amount of the SAFU in the future to assure that it stays enough to meet the needs of the community.
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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