Bitcoin Forum

Introducing CoinPay.co.uk (http://CoinPay.co.uk) (Hopefully the UK's First Regulated Bitcoin Exchange).

Important Notice: The system is very much still in beta & running testnet bitcoind

We have decided to showcase what we have so far and to keep everyone updated on our progress from now on. (The system will initially only be available to UK residents with UK bank accounts)

Over the past 6 months we have been working with respected bitcoin developers to build a secure & scalable trading platform for the UK market.

We initially decided to keep our development progress behind closed doors as we did not want to create hype over something that did not exist at the time.

So instead of announcing our plans we plodded along with the development & only shared our progress with a small number of users in #bitcoin-otc-uk & #bitbargain. We have also met a few of the guy's who regularly hang around on the IRC channels and hopefully plan to meet a few more in the coming weeks.

We have been working with solicitors for the past few months going through the tedious paperwork & box ticking required to submit an application to the FCA, we are almost there and hope to have the application submitted within the next few weeks.

We have stumbled into a few hurdles along the way, mainly due to not coming from a financial services background some things have been a learning curve, but we have been working to overcome those hurdles and there is now a finishing line in sight, what the decision from the FCA will be... that will be one to be seen, But we hope that having the right people and a solid system inplace the decision we get back will be the right one.


Now I'm sure that many of you will have questions, so feel free to fire away & we will do our best to answer those as best possible, we want to be as open as we can about everything and really hope the community will get behind us.

Also hopefully some of the UK guys we have so far interacted with can shed some positive light on us as individuals!


Investment Opportunity's
We are currently not seeking any investment at this time, However if you believe that your credentials would benefit the company moving forward & would like to speak with us further in regards to investing please get in touch: info@coinpay.co.uk


Employment Opportunity's

Chief Risk & Compliance Officer:

Are you UK Based & Work or have worked in Financial Services / Risk & Compliance? .. shoot us an email: info@coinpay.co.uk
We would prefer to work with someone who has this experience and knowledge of bitcoin rather than working with a compliance company that has no knowledge of bitcoin.

Notes:
The current SSL is self signed, we are going through the verification process for our EV level SSL & certificate.

Also there is alot of place-holder text on the design & pages that are disabled / not complete this is both due to fiat systems having to be disabled before we are regulated as well as FCA regulations on how you word your content so we are having all of the formatting, policies etc.. all written up by our solicitors.

I met these guys while on Holiday in Sherwood forest.  Having spoken to them and seen a lot of their paperwork things are looking good for a UK launch.  I am personally very excited at the prospect of a UK Exchange accepting UK deposits again. 

Anything I can do to help guys please let me know ;).

I have a couple of questions:

-> Have you got a UK bank account? Do they know what you are doing?

-> Do you know what rules actually govern your operations in the UK

-> Have you actually engaged any official bodies in anything other than a cursory capacity?

I will say this, there is a reason that there are no exchanges in the UK and it's not because no ones thought of the idea (See: Intersango). While I'm not passing judgement on your likelihood of success, the compliance hurdles here are significantly higher than just about anywhere else in the Western World.

It does not inspire confidence that you are only now looking for:

What is your fee structure for people with UK bank accounts?

They have an office in Sherwood Forest? Is one of 'em called Robin? (sorry)

Nah, I was staying In a Cabin in Sherwood forest, they met me down the road at a Pub.

From what I saw their legal team has had substantial engagement with regulatory bodies,  I believe at this point its just a case of officially assigning roles such as compliance and risk manager etc.

@CoinPay:  If I have misunderstood what you showed me feel free to correct me ;)

oblongmeteor,

Yes we have a bank account which is registered in the companies details which was opened with the bank knowing full details of our business plan.
We have been working with our legal team, submitting applications for the required test, registrations and policies in place.

Our legal team has been back and forth with the FCA & HMRC, as you may know if you speak with the FCA they give a very vague output on how things should be regulated so in a sense we will be forcing them to make a decision. (put it this way... if the FCA said we did not need to be regulated then everyone would run an exchange, so that's not going to happen).

We certainly know first hand how much red tape is involved  & the costs in this process & realize that its certainly a tall order in a financial district that does not like change.

We have a couple of options regarding the compliance role, we have been looking for an individual for sometime to fill this role which is easier said than done as most in this role are in a happy place of comfort in there job and very well paid.

empoweoqwj, our fee structure if currently not finalized as this will depend on several factors / costs involved to us. (By the way our offices are in a tranquil setting, but not quite Sherwood Forest & no one on the payroll called robin)

Aldur1, this is correct ;)

Congrats on moving forward, I hope you can bring us good news soon.

For anyone interested in the validty of Coinpay, I can testify that he has verified his identity (passport & utility bill).

https://bitbargain.co.uk/profile/CoinPay (https://bitbargain.co.uk/profile/CoinPay)

I'll check out the site myself now and will let you know if I have any questions or anything to add.

I understand the need for stock photos, but you shouldn't be stealing them, ya know.


http://shrani.si/f/43/Aa/4nktuyWg/stealing.png

That part isn't hopefully regulated yet.

You may want to kill the latin spiel.

Edit: Fair enough. Hope you can pull this off as I'll be a customer if it offers uk bank transfer facilities.

@kakobrekla, the stock images are from photodune, which we have indeed paid for. Just not updated the design with the unwater marked versions.

@weisoq, this is just place-holder text & will be updated once we push our next update live.

Really good news for UK bitcoin market.

I had Bitcoin-related business relations with the guy behind CoinPay project over 6 months, tens of thousands GBP in succesfull deals.
Very trusted, responsible person.

What more has been done on this....?

From what I can see, you have a half complete website. Who are you? What's your background?

Perhaps more importantly - what formal business experience do you have, particularly in the context of MSBs?

Have you touched base with necessary authorities for SARs and STRs?

Have you considered how you're going to handle AML reporting?

Have you had your fit & proper test for MSB registration?





A bit of advice from me - this maybe just personal preference but... Given the choice between a) one or 2 guys pretending to be a big faceless corporate entity, or b) 1 or 2 guys who honestly introduce themselves and their background, position and experience and don't try and pretend to be something they may not be - I would much prefer b)

@MGUK, apologies for the delay in response, I took a much needed holiday with the family.

Although the current live site looks incomplete, which it is, this is mainly just design aspects as we have certain functionality disabled before internally tested and also for reasons that we do not want to start without becoming regulated first.

My name is Scott, I'm coming up to the 30 mark :P & for the past 10 years I have worked for myself starting out in networking and moving through the ranks of web development & internet marketing.

I do not have previous experience in money services directly, but I have enough experience working online to get projects done and im lucky enough to have the finances to hire or put the people in place I need.

The solicitors have handed our fit & proper test's for HMRC & FCA, which we are currently waiting back but there will not be anything stopping those coming back ok.

Also we do not plan on being a faceless company at all, I am the main person driving the project forward, with a small team of developers and designers that have worked with me for years now.

At the moment its me and a small team of those that need to be in place, but as we move forward we will be looking to expand.

I am from the UK, I will be keeping a close eye on your exchange, hope you get up and running soon.

I fill in the form leaving only Address line 2 blank and I get "Missing posted value county!".

Good luck with this.  Will be interested in moving my trades over here once you're fully established.

any developments?

4 months no information and no development about this project may be closed or something wrong with these guys

Website isn't loading for me.

I have one question I send you bitcoin can you give payment to my required person in London I am in Asia and want to give cash to my friend in London

The site seems dead,

But if you're after Bitcoins in the UK, then there are alternatives;

The 1st regulated UK Exchange - https://ibwt.co.uk/

ok thanks. What are the deposit/withdrawal limits in gbp?

Looks like it's not the first UK regulated exchange then.

Well,
Its been awhile since I have been here! not by choice, just certain events that took over in my work / personal life which halted development of CoinPay.

We are still looking to make CoinPay a reality and have achieved alot of development work and behind the scenes things inplace from company, secure commercial premises, banking, solicitors etc..

However sadly our lead developer Dooglus (owner of bitcoin venture just-dice.com) no longer has the time to commit to CoinPay as his site has been a runaway success, although he said that may change in the future & will still be available to help get to grips with his code if required.

So we are looking to hire a developer that has a credible background within the bitcoin community & preferably resides within the UK, otherwise it makes our journey longer & more expensive for meetings! (although hotter climates maybe considered!)

If you feel that you are what we are looking for please get in touch as we are looking to restart development as soon as possible.
(we are considering taking on multiple developers so if you have expertise in a specific area please let us know as we will eventually need to have a team managing the site)

Contact: scott@coinpay.co.uk
-Please note that for some aspects of discussion you may be required to return a signed NDA & Contract.

We am in london end of next week meeting investors so if you are london based or can make it to london we can arrange to meet you then.