New Bitcoin exchange launches in the UK • The Register

The trading of Bitcoin is not regulated within uke UK.

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In a separate development the world’s first machines through which users can deposit physical cash for Bitcoin are to be installed in a coffee house in Vancouver, Canada, according to a report by Finextra. Bitcoin are now able to register with Coinfloor providing they come from the UK or Europe, although they will not be able to buy or sell currency on the platform until 5 November, bitcoin to a report by FT. In the heart of the deposit chamber the agent signs user’s withdrawal transactions on an offline computer and then once the agent is above ground, the agent takes the signed transactions to an online computer and uploads them to the Bitcoin exchange.

However, Coinfloor has said that it conducts anti-money laundering and other security checks on registrants and that its manual system for exchanging currency helps protect customers against risks posed by cyber attacks or physical theft.

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Coinfloor added that its security policy complies with the ISO data security standard. It is, however, regulated in the US, and hence the platform will not be open to US-based trades. We believe this protects us from all methods of online attack and prevents uke physical rubberhose attack, as the private keys are never together in one exchange or accessible by one person,” it said. What this means is that Coinfloor stores the encrypted private keys split between several USB devices and held in different safe deposit boxes in different locations..

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