| ▲ | fn-mote 5 days ago |
| The difference is that you have leverage to force the banks to care. There isn't any federal regulation at all covering your Bitcoin. |
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| ▲ | wmf 5 days ago | parent | next [-] |
| Bitcoin exchanges like Coinbase are regulated by the CFTC in the US. This case is more of a Google problem though. |
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| ▲ | ameliaquining 5 days ago | parent [-] | | I don't believe the CFTC has any rules requiring crypto exchanges to reverse fraudulent transactions. | | |
| ▲ | bdangubic 4 days ago | parent | next [-] | | this isn't fradulent - you being silly and allowing someone full access to your account is your fault as much as leaving a wallet a strip club and calling owner joe for a refund | | |
| ▲ | otterley 4 days ago | parent [-] | | It is absolutely fraudulent. If you intentionally misrepresent yourself as the real account holder to the financial institution (by presenting credentials that do not belong to you), the institution relies on this misrepresentation, and damages result, that is fraud. Full stop. |
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| ▲ | wmf 4 days ago | parent | prev [-] | | It's generally impossible to reverse crypto transactions so such regulation would be pointless. CFTC could force Coinbase to use 2FA but that was already enabled. |
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| ▲ | bdangubic 4 days ago | parent | prev | next [-] |
| what federal regulation is there where it is your fault that you allowed someone access into your account? name a statute (any state or federal)? :) |
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| ▲ | thrill 5 days ago | parent | prev [-] |
| Fraud is fraud. There’s plenty of laws against it. |
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| ▲ | ameliaquining 5 days ago | parent [-] | | The question is not whether it's legal to defraud someone, but what a financial services provider's obligations are if their customer gets defrauded. The answer here is quite different for banks and brokerages than for crypto exchanges. | | |
| ▲ | bdangubic 4 days ago | parent [-] | | it really is not. no bank is going to refund you money cause you are a moron (we have all been morons, I am not trying to disparage the person that got scammed, I sympathize with him) | | |
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