European Commission Opposes Crypto Fraud Compensation Fund: Victims Say Commi...
The European Commission (EC) is opposing the creation of the crypto crime victim superfund to be financed with $0.0001 per dollar on all cryptocurrency transactions occurring within the EU. The Commission says that it does not have the competence to set up and administer such a fund. It also argues that most crypto crimes occur outside the EU jurisdiction. EC Says It Lacks the Needed Competencies The EC made the remarks in response to a petition lodged with the European Union Parliament (EUP) by a consortium of crypto fraud victims. In their petition, the victims insist that the EC, which....
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Onecoin victims have joined a consortium that wants the European Parliament to consider a petition seeking the establishment of a compensation fund. The envisioned EU-administered fund will function as an insurance kitty for current and future victims of all crypto fraud. The petitioners are proposing the levying of an “unnoticeable” fee of 0.0001 cent per €1 on all crypto-asset transactions conducted on EU territory. Explaining the pivot towards the European Parliament, the victims’ lawyer, Jonathan Levy, says they have now made the decision to approach the....
A petition has been submitted to the European Parliament, asking to implement a scheme to compensate crypto-related victims. The crimes mentioned in the petition 0421/2020 include fraud, piracy, and extortion. Petition’s Author Represents Victims in the Bitsane Alleged Scam Case According to the author, lawyer Jonathan Levy, the petition asks the bloc to implement a series of regulatory schemes to “compensate victims” of crypto-related crime activities. He pointed out that, to date, “no crypto asset funding has been set aside to compensate the victims of directly....
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,....
The petition asks the EU to take a tiny fee on crypto transactions to be pooled into a fund for victims of fraud and hacks.
The Securities and Exchange Commission (SEC) is accusing the founder of hedge fund Virgil Capital which specializes in cryptocurrency arbitrage, of fraud.