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Coinbase warns Gen Z about growing online threats
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5 hours agoon
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adminCoinbase is raising awareness about the rise of online scams targeting younger users, particularly Gen Z.
In a blog post published on Oct. 8, Coinbase outlined four online threats Gen Z should be aware of, including social media fraud, romance scams, fake websites, and recovery schemes.
Coinbase emphasized that crypto users must take personal responsibility for securing their assets. Unlike traditional banking, where institutions provide a level of security, crypto owners control their assets directly, making them both their own safeguard and biggest security risk.
Social media scams
One of the major scams Coinbase warned about involves social media platforms like Instagram and TikTok, where fraudsters create fake profiles or impersonate well-known figures.
Scammers often introduce seemingly legitimate investment opportunities to unsuspecting users, but these offers are rarely genuine. Coinbase advises users to be cautious of unsolicited messages from strangers promoting crypto investments.
A recent example of this scam took place in Vietnam, where five suspects involved in a crypto fraud network used social media to build fake romantic relationships and lure victims into investing in a fraudulent platform.
The scammers defrauded victims of over 17.6 billion Vietnamese dong ($700,000) through their scheme.
Romance scams and fake websites
Another growing threat Coinbase mentioned is romance scams, often called pig butchering scams.
Romance scams involve fraudsters befriending victims under the pretense of a potential love interest. These scammers pretend to form personal connections to gain victims’ trust and then exploit them financially. These schemes often occur on dating apps or social media platforms.
Scammers also use fake websites to trick victims into providing personal information or sending funds. Many of these sites mimic legitimate companies but have minor differences in their URLs.
Similarly, on Oct. 3, a U.S. citizen filed a lawsuit after losing $2.1 million in Bitcoin (BTC) due to a pig butchering scam involving fake crypto exchange websites. Just as Coinbase warned, the scammers operating from Southeast Asia used these fraudulent sites to simulate trading and steal funds from the victim.
Boosting awareness and reporting scams
In 2023, over 67,000 online scams were reported, per Coinbase, with the median loss reaching $3,800.
Coinbase stressed that raising awareness and reporting suspicious activity can help prevent others from falling victim to similar scams. The company encourages users to report scams to law enforcement and platforms like Coinbase to aid in the fight against cybercrime.
With crypto ownership comes responsibility, and Coinbase’s message to Gen Z is clear: Stay vigilant, know the risks, and help protect the community from fraud.
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Coinbase Reinforces Interlocutory Appeal In SEC Suit
Published
3 days agoon
October 5, 2024By
adminReferencing the SEC’s latest appeal, American cryptocurrency exchange Coinbase have requested that the court revisit its motion for interlocutory appeal. Notably, the US SEC may have shot itself in the leg by appealing Judge Analisa Torres’s July 13, 2024 ruling in favor of Ripple.
Coinbase Seek to Probe Howey Test Clause
According to the document adressed to Judge Katherine Polk Failla, Coinbase has asked that its pending motion to certify interlocutory appeal be granted. The trading platform first filed this motion for interlocutory appeal in April. At the time,the crypto exchange wanted to review a key question in the case: how the Howey Test, the traditional standard for what counts as a security based on a 1946 Supreme Court ruling, applies to digital assets.
The exchange believes that making this request once again will help provide the Second Circuit with a complete picture to better adjudicate the agency’s position on the Howey Test. It is specifically interested in the application of this test to secondary market crypto transactions.
Attorneys representing Coinbase have argued that the SEC’s appeal in Ripple’s case is an admission that the criteria listed in the SEC’s Howey Test were ambiguous and warranted closer examination. They are also of the opinion that the appeal demonstrates how important the application of the Howey test is. Therefore, the exchange wants its case with the agency looked into.
In April, the agency also filed its motion, requesting that Coinbase’s request be denied. It cited the lack of substantial ground for difference of opinion. Until now, Judge Failla is yet to rule on both requests. While Coinbase may have a stronger argument this time around, there is no guarantee that the court will rule in its favor.
SEC Tactics Keep Crypto Community in Suspense
Though it look like Ripple is receiving more heat from the SEC, its lawsuit with the agency is setting precedence for other crypto lawsuits. It is not yet clear if the SEC will go home victorious in the end. However, many pro-crypto lawyers think the Commission does not stand a chance.
The SEC named Ripple CEO Brad Garlinghouse and Chris Larsen, a co-founder, as appellees in the appeal filing. This move has gotten many XRP community members talking, with many wondering what the SEC is up to. The days following the appeal hearing will come with a lot of suspense as the ecosystem await the verdict.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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coinbase
Coinbase to delist non-compliant stablecoins for EU clients over MiCA rules
Published
4 days agoon
October 4, 2024By
adminCrypto exchange Coinbase is set to delist unauthorized stablecoins from its European branch by year-end, in response to incoming MiCA regulations.
U.S.-based cryptocurrency exchange Coinbase will remove all non-compliant stablecoins from its European exchange by the end of this year, as the company moves to comply with the European Union’s new crypto regulations, Bloomberg has learned.
The Markets in Crypto-Assets framework, which came into effect in June for stablecoin issuers, requires companies to hold e-money authorization in at least one Europe’s member state. Further regulatory guidelines for exchanges like Coinbase will be enforced starting Dec. 31.
A spokesperson for Coinbase told Bloomberg that the exchange plans to restrict services related to non-compliant stablecoins, including Tether’s (USDT) by Dec. 30. The exchange will provide users with an update in November, outlining options to convert their holdings to alternatives such as Circle’s USD Coin (USDC).
In early July, French blockchain analytics firm Kaiko said in a research note that Circle has benefited from the MiCA regulations, with its stablecoins experiencing significant increases in daily trading volumes following the introduction of the new requirements.
Still, industry leaders have expressed concerns about the regulations. For instance, Tether CEO Paolo Ardoino cautioned that stringent cash reserve requirements could pose systemic risks to banks.
The delisting trend is not limited to stablecoins as Kraken recently announced it would halt trading and deposits of Monero (XMR) in the European Economic Area due to regulatory changes, following similar moves by Binance and OKX.
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Coinbase CLO Flags Inconsistencies In US SEC’s Securities Claim
Published
5 days agoon
October 3, 2024By
adminPaul Grewal, the Chief Legal Officer at Coinbase has spotted some inconsistencies in crucial legal claims of the United States Securities and Exchange Commission (SEC). The basis for his opinion was the Lejilex lawsuit controversy that had the regulator file a reply brief.
Coinbase Support For Lejilex in SEC Lawsuit
In the Lejilex case, the SEC argued “whether a digital-asset transaction is a securities transaction is not determined by the nature of the asset.” However, Grewal pinpointed that the Commission argued the precise opposite to Judge Failla in its case.
He claimed the SEC is obviously telling one judge one thing and telling the other something else.
The Coinbase executive does not think this level of inconsistency should be tolerated from US authorities. The American cryptocurrency exchange has been backing Lejilex for the past few months against the SEC. In July, it showed it support to the firm by filing Amicus Brief challenging the U.S SEC’s overreach. Coinbase’s argument has always been for the SEC to provide clarity on the regulation for the crypto industry.
Grewal once stated that Coinbase will do everything within its jurisdiction to get regulatory certainty for the millions of Americans who own cryptocurrencies. The firm has done this in many ways including appealing the denial of rulemaking petition from the US SEC.
Furthermore, he highlighted that regulation by enforcement is bad for consumers, restricts innovation and hurts the US economy.
SEC Lawsuits With Ripple
On Coinbase lawsuit with the SEC, there has been an unexpected pause on the request of the Commission. For context, the government agency requested that the court grant an extension of time to complete discovery. It asked for a four-month extension, pushing the deadline from October 18 to February 18 next year.
While they wait, Coinbase filed a motion to compel the U.S. Commodity Futures Trading Commission (CFTC) to produce communications with issuers of 12 tokens named in a related lawsuit brought by the SEC. This motion is to help it in an ongoing lawsuit in the Southern District of New York (SDNY).
Blockchain payment firm Ripple Labs is also a victim of the consistent crypto crackdown from the SEC. Its case with the regulator has been ongoing for over three years. The US SEC recently filed for a Notice of Appeal in the ongoing case in response to a verdict on XRP’s securities status.
Several pro-XRP lawyers think the regulator does not stand chance this time as well.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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