UK's Financial Services Compensation Scheme States it Doesn't Cover Digital Currencies
In what could possibly be the surprise of the century, the Financial Services Compensation Scheme (FSCS) in the United Kingdom has stated their coverage does extend out to digital currencies. Mark Oakes, who heads the communications division at the FSCS said, "FSCS protects up to £85,000 of depositors' money in savings and current accounts with UK authorised banks, building societies and credit unions. However, virtual currencies are not regulated by the UK regulators, so FSCS does not provide protection in the event of any losses suffered by consumers." Of course, this really doesn't come....
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The UK's Financial Services Compensation Scheme (FSCS) has warned it won't provide compensation for lost digital currencies such as bitcoin and litecoin. The FSCS pays compensation of up to £85,000 per account holder if their bank, building society or credit union is unable to pay claims against it. This usually happens if the financial services firm in question has stopped trading. Mark Oakes, head of communications at FSCS said: "FSCS protects up to £85,000 of depositors' money in savings and current accounts with UK authorised banks, building societies and credit unions. However,....
Storing personal wealth in bitcoin, or any other cryptocurrency, is clearly revolutionary. So much so, it's going to take a long time for mainstream consumers to actually understand the concepts and potential behind these currencies. One of the areas people should rightly be concerned with is the safeguards that are in place when making purchases with digital currency. The UK's established financial institutions already provide certain guarantees and safeguards against fraud and retail disputes. None of these are currently offered by bitcoin services. Here are some of the services that....
Cover Protocol will distribute new "coins" to token holders as Binance announces compensation for affected traders. Peer-to-peer coverage market Cover Protocol has published a compensation plan for token holders and liquidity providers affected by the recent hack. As part of the process, the Cover Protocol team took a snapshot at block height 11541218, the last transaction block before the exploit began.Eligible liquidity providers on Uniswap, SushiSwap, and Balancer will receive new COVER tokens based on their share of the liquidity pool on those platforms. Liquidity providers on the....
UK's top financial watchdog wants to bar investors from accessing government compensation in the event of crypto scams or not-at-fault financial loss. On Wednesday, Nikhil Rathi, CEO of the United Kingdom's Financial Conduct Authority, or FCA, issued the following statement to the Treasury Committee when asked about the risks of the much-unregulated cryptocurrency sector in the country:When we talk about the compensation scheme, we have to draw some pretty clear lines. I would suggest anything is crypto-related should not be entitled to compensations, and consumers should be clear about....
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