With the multitude of Bitcoin-related trading platforms in existence, it becomes increasingly easy to get involved in the world of digital currency. Especially US citizens seem to have a leg up over their European and Asian counterparts n that regard, but that situation is slowly starting to change. Crypto Facilities will no longer service any of their US customers as of tomorrow.
Also read: BitTorrent Creator Bram Cohen Critizes Coinbase for Running Bitcoin Classic
People who have been active in the world of trading, hedging, and insuring digital assets may have heard of the name
Crypto Facilities before. This company has been making a name for itself in the digital currency world by focusing a lot of their attention on Bitcoin and the blockchain. But that is not all, as the team wanted to provide client protection and transparency to all of their users as well.Thanks to a strategic partnership with KPMG-accredited blockchain security firm Elliptic, Crypto Facilities has been able to to insure all client accounts and provide daily settlements on the blockchain. This relation also provided additional security features for users, as they can enjoy the benefits of multi=signature and cold storage solutions provided by
Elliptic Vault. Employing this technology effectively protects the USD value of customers’ bitcoins.To keep things as transparent as possible, Crypto Facilities user accounts can be verified on the blockchain in real-time, giving traders an overview of their portfolio and wealth at any given time. All of the daily portfolio values are settled at 17:00 UTC, and users can immediately verify what has happened to their portfolio throughout the day.
It goes without saying such a powerful service has attracted a lot of attention from traders active in the world of Bitcoin and digital currency. But for some unknown reason, Crypto Facilities will be halting their services in the US, effective as of tomorrow, February 12, 2016. All users are advised to close their position by the end of tomorrow, and account holders will receive a US$10 bonus for every open Forwards. Balances must be withdrawn as soon as possible, although no cut-off date is mentioned so far.
Part of the reason why Crypto Facilities is pulling out of the US could be due to impending Bitcoin regulation. With New York maintaining their
BitLicense guidelines – and other states expected to come up with their own requirements – it is not always feasible to run a Bitcoin business in the US.Source: Newsletter Via Email
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