Financial Services Commission (FSC) of Belize banned crypto it seams?

[capoeira]

FxChoice forex broker has stopped accepting crypto due to FSC regulations, but there seems to be no relevant information on the internet. This may affect other forex brokers as well. Does anyone have more information on this?

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[Mrbluntzy]

My search about this news did not bring any quality information why FSC want to ban the company from receiving deposits and withdrawals in crypto but they said if customer have any question or needs help they can contact them directly.

Crypto withdrawals will soon become unavailable. Exchanging crypto for traditional currencies and vice versa is also going away. If clients have funds in crypto accounts/wallets at FXChoice, the company strongly recommends that they withdraw them before 26 December. Clients can sign in to my.myfxchoice.com, check the balance on all Live accounts and Wallets, and go to Withdrawal to claim their funds.
Starting 12 December, FXChoice will not be accepting any new crypto deposits.

If you have questions or need help, FXChoice encourages you to contact the company using any of the channels via its site, including live chat, email or its ticketing system.

I got that from this site https://en.myfxchoice.com/fx-choice-news/crypto-transactions-are-coming-to-an-end/

[capoeira]

My search about this news did not bring any quality information why FSC want to ban the company from receiving deposits and withdrawals

mine neither, which is strange. other brokers would be affected if they are regulated by them, but there is no real info available.
maybe it's just an excuse from FXChoice?

[Mrbluntzy]

My search about this news did not bring any quality information why FSC want to ban the company from receiving deposits and withdrawals

mine neither, which is strange. other brokers would be affected if they are regulated by them, but there is no real info available.
maybe it's just an excuse from FXChoice?

I don't think it's just an excuse. FSC may have barred them for some reasons that are yet to be clearly stated and I think FXchoice is kind enough to have ask her customer to withdraw their funds between now and 26 of December. Customers can move on to another broker.

[joniboini]

Probably related to this[1]? I can imagine they temporarily ban businesses from doing crypto transactions because they want to prepare for a better monitoring system, and then resume it after the framework is ready. It is also possible that they ask for other requirements if the business wants to continue dealing with crypto, but the specific broker you mentioned above doesn't want to do it.

[1] https://www.belizefsc.org.bz/collective-engagement-to-implement-the-crypto-asset-reporting-framework/

[pinggoki]

Probably related to this[1]? I can imagine they temporarily ban businesses from doing crypto transactions because they want to prepare for a better monitoring system, and then resume it after the framework is ready. It is also possible that they ask for other requirements if the business wants to continue dealing with crypto, but the specific broker you mentioned above doesn't want to do it.

[1] https://www.belizefsc.org.bz/collective-engagement-to-implement-the-crypto-asset-reporting-framework/

Why not just let things be? Wouldn't it be better for their monitoring system to work if they have a way to understand the workflow of the transactions, pausing the transactions would mean that they're going to look harder because they're going to be making it difficult for them to observe transactions because the people that used to do transactions in legitimate exchanges would go underground which makes it difficult for them to find those transactions since there's no country of origin in ledgers.

[coinremitter]

It appears that FxChoice forex broker has halted crypto acceptance due to regulatory changes by the Financial Services Commission (FSC) of Belize. The details might not be widely available online. This move could impact other forex brokers too. For the latest and accurate information, it's recommended to directly contact FxChoice or check official FSC announcements.

[capoeira]

Probably related to this[1]? I can imagine they temporarily ban businesses from doing crypto transactions because they want to prepare for a better monitoring system, and then resume it after the framework is ready. It is also possible that they ask for other requirements if the business wants to continue dealing with crypto, but the specific broker you mentioned above doesn't want to do it.

[1] https://www.belizefsc.org.bz/collective-engagement-to-implement-the-crypto-asset-reporting-framework/

I found this, too
https://www.breakingbelizenews.com/2023/11/12/financial-services-commission-clarifies-belizes-position-on-virtual-assets-and-cryptocurrency/

check official FSC announcements.

hard to find those

[Yamane_Keto]

Why not just let things be? Wouldn't it be better for their monitoring system to work if they have a way to understand the workflow of the transactions, pausing the transactions would mean that they're going to look harder because they're going to be making it difficul

They do this because it is easier for them to ban it than to look bad, and it indicates that they give CARF a priority and are trying to understand it before there is a clear regulatory framework. I think this will happen with some countries until there are successful experiences in regulating cryptocurrencies, which may need another light from The United States or the G7 countries before we see more countries taking serious steps.

[wallet4bitcoin]

FxChoice forex broker has stopped accepting crypto due to FSC regulations, but there seems to be no relevant information on the internet. This may affect other forex brokers as well. Does anyone have more information on this?

It been a long while I heard anything about a crypto ban in the globe rather we consider the boarders opening up to the tech. Banning crypto because you perceive that it is used for some illegal transactions doesn't make sense. Currencies over decades have been used for the same purposes and no one has banned them.

It is understandable to regulate them and create laws that prohitbits them from been used for such illegal transactions but an outright ban only puts you in total darkness.

[stompix]

They didn't ban crypto!
They told all exchanges, brokers, whatsoever that they have to close shop as they had no license in the first place anyhow
Old news:
https://www.belizefsc.org.bz/wp-content/uploads/2023/05/Public-Notice_Restriction-on-Virtual-Asset-Activites_Final-25-05-2023.pdf

because the people that used to do transactions in legitimate exchanges would go underground which makes it difficult for them to find those transactions since there's no country of origin in ledgers.

Repeat after me, legitimate exchanges in Belize, a country that doesn't even issue licenses for crypto trading?
Haven't you had enough of FTX and Bahamas?

[capoeira]

Old news:
https://www.belizefsc.org.bz/wp-content/uploads/2023/05/Public-Notice_Restriction-on-Virtual-Asset-Activites_Final-25-05-2023.pdf

I wonder how they could even operate for the rest of the year. there must have been a later revision