New regulated UK exchange opening

[Cred]

Not much publicity (yet). I just spotted this blog post yesterday http://blog.coinfloor.co.uk

Could bring in some new money from the UK?

[meanig]

There's been a lot of false dawns with regards to UK exchanges opening. The sticking point seems to be finding a Bitcoin friendly bank.

[Lethn]

I hope this is real, us UK Bitcoiners have been needing a proper exchange for awhile now.

Edit: I just checked their account process and it looks like they're forcing you to use two factor authentication, looks legit but I'm not a great fan of the two factor spam and weirdness I know how to manage my own passwords and security bah.

Edit 2: Oh that's nice, you can do it with just your phone and a code! No problem.

[roslinpl]

I hope this is real, us UK Bitcoiners have been needing a proper exchange for awhile now.

Edit: I just checked their account process and it looks like they're forcing you to use two factor authentication, looks legit but I'm not a great fan of the two factor spam and weirdness I know how to manage my own passwords and security bah.

Edit 2: Oh that's nice, you can do it with just your phone and a code! No problem.

Indeed and I know there is a lot of people in the UK who loves bitcoin and many sellers already accept Bitcoin. Hundreds of them!

[railzand]

https://bitcointalk.org/index.php?topic=115669.msg3685458#msg3685458
https://bitcointalk.org/index.php?topic=325676.0

they have a dodgy past

[Lethn]

Oh shi- O_O

As a long term member I should have known better

[franky1]

hmm swing vote here..

GLBSE shut down as it was not regulated.. this time, it appears he is doing it properly.. so he may have learnt his lessons. atleast once he is making profits anyone that lost money in GLBSE can then get it back by sueing him personally, now that he has some money behind him and a reputation to protect in this new venture.

i say swing vote because instead of just staying anonymous making 3 exchanges where no one knows who the owner is. he has actally put his name out there in plain sight. and like all more honorable companies. stuff like:
Coinfloor is a company registered in England and Wales registration number 08493818. We are a registered Bureau de Change. Her Majesty's Revenue and Customs certificate number 12713897. Our company is registered at 200 Aldergate C/O Buckworth Solicitors EC1A 4HD London, United Kingdom.

is worth its weight in gold. all i would say is, never throw life savings into a third parties pocket. just use "disposible" income amounts on exchanges and protect your main hoard in your sole possession under a cold/paper wallet privkey which only you know and have access to.

i personally will play with maybe 5btc at a time on the exchange.. but i sure am not gonna throw my hoard at it, nor any other exchange, no matter how honourable they seem

[gentlemand]

They've been threatening to launch for quite a long time. Perhaps they've finally gotten somewhere.

I'll be interested to see what their pricing is. A lot of attempts at UK exchanges have usually been way above the localbitcoins price.

[Fugofugo]

we just need some time to see how it will work to understand all the local pecularities of this exchange

[Nagle]

They're not "regulated". They're just registered with H.M. Revenue and Customs. That's like registering with FinCen in the US. That's about AML and taxes, not about protecting customer assets.

"Regulated" in the UK means regulated by the Financial Conduct Authority. This is required for any business "accepting deposits".  Reasonable enough; most (more than half, to date) Bitcoin exchanges accept deposits and then steal the customer's money.

These guys are trying to sleaze by, claiming to be only "money changers". If they hold deposits, that's not good enough.

[Lethn]

We'll have to see, HMRC are a pretty paranoid lot and are a different breed from FinCen, so we'll have to see what goes on, HMRC just might be the first step and then they go to the FSA, you have to bear in mind though that the UK's FSA is a rich boys club, so they're going to have some trouble setting up if they're nobodies and make sure they're all legal. Did any of you hear about the Bank of Dave? a.k.a Burnley's Savings and Loans? That guy had a lot of trouble with the FSA because of how bad he was making them look so they didn't want anything to do with him.

I wouldn't put too much stock with the FSA but if the HMRC is doing their homework then they're probably going to be pretty strict with a Bitcoin exchange, in fact you can see the signs already because they're forcing you to use two factor authentication to sign up, knowing the FSA they probably had to claim they were 'only' money changers because they were being blocked by them.


I just found this which you guys might be interested in, it explains the lack of FSA.

http://money.cnn.com/2013/10/29/investing/london-bitcoin-exchange/

The business isn't regulated by the U.K.'s Financial Conduct Authority, which says the Bitcoin market hasn't yet become large enough to require regulation. 

[davida]

Did any of you hear about the Bank of Dave? a.k.a Burnley's Savings and Loans?

+ 1

https://www.youtube.com/watch?v=Gyy6q9vrKpU

[jbreher]

GLBSE shut down as it was not regulated.. this time, it appears he is doing it properly.. so he may have learnt his lessons. atleast once he is making profits anyone that lost money in GLBSE can then get it back by sueing him personally, now that he has some money behind him and a reputation to protect in this new venture.

Nefario -- with malice of forethought -- shut GLBSE down in a manner guaranteed to cause many or most of the exchange's users to lose money. He deliberately chose to not send asset owner data to each and every asset issuer. He deliberately chose not to allow asset holders, nor asset issuers access to even a snapshot of the final balances of their accounts.

I could go on (and on and on) as to how the shutdown was maximally bungled.

The bottom line is that he deliberately chose to cause his users to lose $millions.

If that's the kind of person you wish to entrust with your funds, I have no response.

[Brandon_Cryptonit]

Looks like this is the main post about their reopening, I will repost my piece of information here as well
I have noticed one more strange thing
On their site they claim that company registration number is 08493818
The company that is registered under this number is "COINFLOOR LIMITED"
proof screeshot http://gyazo.com/a74370f84fa87eec4d879b9c9939dc83

HMRC reg number they claim is 12713897, but on HMRC you will find another company "Coin Floor" with another address under this number...
prooflink http://gyazo.com/d19183dc02a7d50308d0057f822249c1
that simply means Coinfloor LTD has not been registered at HMRC as "Bureau de change".
Both registries are public so I have just confronted the data from both of them and the data from their AboutUS page.
thus, what they claim is not true.just think yourself

[sobriket]

There was recently another "UK" exchange with whom Nefario worked, claimed to have received millions in funding but looked dodgy as hell too. I don't remember the name and can't find it. But I guess this is a reincarnation?

[MPOE-PR]

GLBSE shut down as it was not regulated.. this time, it appears he is doing it properly.. so he may have learnt his lessons. atleast once he is making profits anyone that lost money in GLBSE can then get it back by sueing him personally, now that he has some money behind him and a reputation to protect in this new venture.

Nefario -- with malice of forethought -- shut GLBSE down in a manner guaranteed to cause many or most of the exchange's users to lose money. He deliberately chose to not send asset owner data to each and every asset issuer. He deliberately chose not to allow asset holders, nor asset issuers access to even a snapshot of the final balances of their accounts.

I could go on (and on and on) as to how the shutdown was maximally bungled.

The bottom line is that he deliberately chose to cause his users to lose $millions.

If that's the kind of person you wish to entrust with your funds, I have no response.

This. No amount of paperwork makes this anything other than the attempt of a known scammer to continue scamming.

[AC_Trader]

Any update on this ? would be good to hear from someone that has used this site.

[gentlemand]

Any update on this ? would be good to hear from someone that has used this site.

Check this thread https://bitcointalk.org/index.php?topic=539698.0

It's getting some good reviews and they have proper UK faster payments now by the sounds of it.