Financial Conduct Authority Archives - Coin Engineer https://coinengineer.net/blog/tag/financial-conduct-authority/ Btc, Coins, Pre-Sale, DeFi, NFT Mon, 26 May 2025 09:38:26 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.4 https://coinengineer.net/blog/wp-content/uploads/2024/04/cropped-Coin-Engineer-Logo-Favicon-2-32x32.png Financial Conduct Authority Archives - Coin Engineer https://coinengineer.net/blog/tag/financial-conduct-authority/ 32 32 Coinbase Faces Class Action Shock: 2025 Data Breach  https://coinengineer.net/blog/coinbase-2025-data-breach-class-action-lawsuit/ https://coinengineer.net/blog/coinbase-2025-data-breach-class-action-lawsuit/#respond Mon, 26 May 2025 10:00:08 +0000 https://coinengineer.net/blog/?p=43134 Coinbase and two executives are targeted in a new class action lawsuit due to a May 2025 data breach and failure to disclose a breached agreement with the FCA, following a stock price drop. Filed on May 22 in Pennsylvania federal court by investor Brady Nessler, the lawsuit claims compensation for investors harmed by the

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]]> Coinbase and two executives are targeted in a new class action lawsuit due to a May 2025 data breach and failure to disclose a breached agreement with the FCA, following a stock price drop. Filed on May 22 in Pennsylvania federal court by investor Brady Nessler, the lawsuit claims compensation for investors harmed by the stock price decline. 

Coinbase Data Breach and Stock Losses 

On May 15, company disclosed that some customer support representatives were bribed, granting access to internal systems. This incident led to the theft of personal information from approximately 97,000 users, including names, addresses, email addresses, bank details, and identification documents. The attackers demanded a $20 million ransom, which Coinbase rejected, instead offering a $20 million reward for the capture of the perpetrators. 

Following the breach announcement, Coinbase’s stock price fell 7.2% to $244. The next day, it rose 9% to $266 but closed at $263.10 on May 23 after a 3.23% drop. This volatility indicates significant investor losses. The lawsuit also names CEO Brian Armstrong and CFO Alesia Haas as defendants, with investors claiming crypto exchange misled them by not disclosing the breaches promptly. 

Regulatory Issues in the UK 

The lawsuit highlights that Coinbase was fined $4.5 million by the UK’s Financial Conduct Authority (FCA) in 2024 for violating a 2020 agreement by onboarding high-risk customers. Nessler alleges Coinbase failed to disclose this violation during its IPO, claiming it artificially inflated the stock price and misled investors. 

Additionally, the company faces other lawsuits, including one in Illinois over improper biometric data collection. The company has not yet issued an official statement on these cases, but these events continue to impact Coinbase’s credibility and market value. 

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]]> https://coinengineer.net/blog/coinbase-2025-data-breach-class-action-lawsuit/feed/ 0 Another Bitcoin Platform Decides to Withdraw from the UK! https://coinengineer.net/blog/another-bitcoin-platform-decides-to-withdraw-from-the-uk/ https://coinengineer.net/blog/another-bitcoin-platform-decides-to-withdraw-from-the-uk/#respond Fri, 06 Oct 2023 19:00:26 +0000 https://coinengineer.io/blog/?p=4903 The recent regulations in the UK are forcing companies operating in Bitcoin and other cryptocurrencies to withdraw from the UK. In this context, cryptocurrency loan platform Nexo also decided to gradually remove some of the products it offers to its customers in the UK in response to the new rules. The new marketing regulations, set

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]]> The recent regulations in the UK are forcing companies operating in Bitcoin and other cryptocurrencies to withdraw from the UK. In this context, cryptocurrency loan platform Nexo also decided to gradually remove some of the products it offers to its customers in the UK in response to the new rules.

The new marketing regulations, set to take effect on October 8, mandate that companies must register with the Financial Conduct Authority (FCA) in the UK. Bybit had previously declared its inability to comply with these regulations, citing its lack of inclusion in the FCA’s cryptocurrency assets. Consequently, the Bitcoin platform made the decision to withdraw from the UK.

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A Nexo spokesperson told Coindesk that the platform plans to gradually remove cashback payments for referral and partnership programs along with Nexo Exchange and Nexo Card transactions from October 8.

This decision led other companies, such as cryptocurrency exchange ByBit and Paypal, who intend to comply with the new regulations of the FCA, to recently announce that they will stop offering certain crypto services to UK customers.

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