UK Bitcoin Exchange, BitBargain to Shut Down Over ‘Forced Regulations’
If you want to invest in cryptocurrencies, you’ll need to do so through a cryptocurrency exchange. In many ways, these online services are similar to stockbrokers in that they provide you with the tools to trade cryptocurrencies such as bitcoin, Ethereum, and dogecoin. The best cryptocurrency exchanges make it simple to buy and sell the currencies you want, with low transaction fees and robust security measures in place.
When you consider some of the best cryptocurrency exchanges for your demands, it’s essential to remember the supported currencies, the pricing, the withdrawal options, and the level of security. It means there are many things that you consider to begin the process.
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Lack Of Trust And Support For Cryptocurrencies
Although digital currencies have the potential to be widely used, they have only been adopted by a small number of consumers and retailers around the world, and both the technology and the industry that has sprung up around it are still in their early stages. Only a few digital currency users and businesses believe that digital currencies can provide greater stability than the current financial system.
Evidence suggests that the market in which digital currency firms operate is not performing at its potential. There is a strong case for correspondent regulation to create a supportive environment for legitimate digital currency users and businesses.
Why Was BitBargain Forced To Shut Down?
BitBargain was a peer-to-peer bitcoin exchange based in the United Kingdom and one of the industry’s pioneers. Using digital currencies carries several potentially significant risks, and the government acknowledged the need for action to improve standards and provide greater clarity to users about which services are safe to use without unnecessarily suffocating innovation and development.
BitBargain CEO posted a ‘Goodbye’ piece explaining why the exchange chose to close rather than comply with the new regulations; BitBargain CEO Martin announced the exchange’s closure on December 25.
The FCA and regulators worldwide deemed the company to be “overboard” in their new regulatory initiative. Earlier measures taken by BitBargin to combat money laundering and other criminal activity were more effective and “worked, not only in the short term,” according to the company.
As Martin wrote in his piece, “those in authority want as much control over crypto as they do over your bank account.” He expressed concern about how surveillance tools and regulatory authorities end up putting innocent people at risk in the name of ensuring compliance.
He explained how regulators gradually encourage users to open accounts on websites rather than using self-custodied digital wallets. Using privacy-focused features such as trading on a marketplace, using conjoins, or visiting a gambling website has resulted in innocent users being locked out of their accounts for no apparent reason.
As a final point, the BitBargain CEO identified specific aspects of the incoming regulatory regime that they do not agree with.
Included among these are requiring to Know Your Customer (KYC) checks even for users who
purchase only £200 in cryptocurrency; giving authorities the authority to instantly query customer information and transaction history; regulating crypto-to-crypto trades that do not involve fiat and maintaining a compliance team even for self-custodial wallet services.
The FCA (Financial Conduct Authority) is in charge of cryptocurrency regulation in the United Kingdom, and they prohibit any UK business from offering a custodial wallet or trading bitcoins without first obtaining prior approval from the FCA. As a result, BitBargain was forced to close.
