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FSCS Opens Door to “Further Claims” against SVS Securities

FSCS won’t compensate clients for poor investment performance, or losses incurred for lacking access to their assets.

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Britain’s Financial Services Compensation Scheme (FSCS) is accepting further claims against failed broker SVS Securities, which was dissolved in August 2019.

An update published by administrators Leonard Curtis confirmed that the lifeboat scheme opened its online claims service to SVS clients who wish to make further claims other than for the return of assets and money. The FSCS anticipates that any claims made will relate to failings in the SVS operator’s due diligence.

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Although the FSCS is accepting the “new claims”, these will not immediately be passed to its claims processing teams for assessment. They will first be tested for eligibility as the scheme cannot compensate clients solely for poor investment performance, or losses incurred as a result of not being able to access their assets during the special administration.

The FSCS has already enabled the vast majority of SVS Securities’ clients to access their money and assets, which have been beyond reach for almost a year. Over 18,000 clients got their holdings returned through nominated broker ITI Capital.

The administrator said in March that other than a very small number of exceptions, the SVS clients are expected to get a ‘full return’ of their cash.

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The recent development comes as former clients of SVS Securities remain locked out of their assets, nearly one month after they were told they would be able to access their funds. At least 20 clients told Finance Magnates they were unable to access ITI Capital’s onboarding system. Other traders reported that they have yet to receive their initial onboarding email, i.e., didn’t set up their accounts days after the FSCS opened the gates.

Warning of recovery scam

The legal update also told clients to proceed with caution if approached by firms offering assist to return their assets with regards to SVS Securities, stating for the vast majority of clients there would be no benefit in involving a third party to reclaim assets.

The liquidators have specifically stated that some of SVS clients, whose funds were transferred to ITI Capital, were recommended to take on management services offered by SJS Legal Limited.

“Clients should be aware that there is no affiliation, connection or other link between the Company and SJS Legal. Furthermore, clients should proceed with caution if they are approached by SJS Legal or any other Claims Management Company (a “CMC”). For the vast majority of clients, there is no benefit in involving a third party or CMC in submitting a claim to the FSCS as this may result in additional costs for clients,” it furthet explains.

Previously, the administrators of SVS Securities warned clients of the UK failed broker about persons that approach them, claiming that they can help them refund their investments. Liquidators from Leonard Curtis said investors should not be lulled into false communications ‎trying to usurp its identity to defraud them in a recovery scam, in which individuals are asked to pay a fee upfront before they receive any proceeds.

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The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

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  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
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Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

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Bitcoin Cash, Cosmos, Algorand Price Analysis: 01 December

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Bitcoin inched toward $20k and altcoins posted moderate gains in the past week and undid much of the damage that Bitcoin’s dip to $16,400 wrought. At press time BTC was trading at 19,507 with a 24-hour trading volume of $31.8 billion.

Source: CoinStats

Bitcoin Cash performed strongly and rose above the psychological $300 barrier once more. Cosmos and Algorand also had strong bullish momentum behind them on their path to recovery.

Bitcoin Cash [BCH]

Bitcoin Cash, Cosmos, Algorand Price Analysis: 01 December

Source: BCH/USDT on TradingView

The cyan arrow shows a hammer candlestick formed and the price subsequently bounced strongly off the $288 support and was trading at $312 at press time.

The RSI showed an uptrend in progress and indicated bullish momentum with a value of 66. Trading volume was also significant over the past few sessions and gave credibility to the rise in price.

BCH could see a pullback toward $300 in the coming hours and can be expected to ascend toward $326 resistance in the near-term.

Cosmos [ATOM]

Bitcoin Cash, Cosmos, Algorand Price Analysis: 01 December

Source: ATOM/USD on TradingView

Fibonacci Retracement levels were drawn for ATOM’s drop from $6.48 to $5 and highlighted some important levels of resistance for ATOM on its recovery.

The price tested resistance at the 50% retracement level ($5.69) a few hours ago but sellers pushed the price back down to support at $5.45.

The MACD was climbing and could rise above the zero line in the coming hours, following the recent days of steady gains for ATOM. The price was also above the 20 SMA (white), and further gains can be expected over the coming days.

Flipping the $5.69 level to support would indicate that a move to psychological resistance at $6 was imminent.

Algorand [ALGO]

Bitcoin Cash, Cosmos, Algorand Price Analysis: 01 December

Source: ALGO/USD on TradingView

The price crossed above the EMA ribbon a couple of days ago, but the ribbons themselves were quite tightly bunched together. The volatility of the past week has hurt ALGO’s performance.

Algorand was recovering with some strength. The trading volume saw some healthy spikes on certain sessions. While ALGO saw some indecisive candles in recent sessions, its short-term trend remained bullish.

Source: https://eng.ambcrypto.com/bitcoin-cash-cosmos-algorand-price-analysis-01-december

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Facebook’s Libra Renamed ‘Diem’ Amid Plans for Stablecoin Launch 2021

Since its announcement in mid-2019, regulators have railed against Libra, arguing that the project could upend global monetary policy control protocols. Indeed, Libra’s emergence likely provided the catalyst for more serious considerations surrounding central bank digital currencies (CBDCs). Libra Looking to Please Regulators With Name Change According to Reuters, the Libra project is rebranding itself … Continued

The post Facebook’s Libra Renamed ‘Diem’ Amid Plans for Stablecoin Launch 2021 appeared first on BeInCrypto.

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Libra, the Facebook-backed digital currency is undergoing another rebranding phase in a bid to smoothen lingering regulatory wrinkles.

Since its announcement in mid-2019, regulators have railed against Libra, arguing that the project could upend global monetary policy control protocols.

Indeed, Libra’s emergence likely provided the catalyst for more serious considerations surrounding central bank digital currencies (CBDCs).

Libra Looking to Please Regulators With Name Change

According to Reuters, the Libra project is rebranding itself by changing its name to “Diem,” the Latin word for “day.” Thus, the Swiss-based Libra Association will now be known as the Diem Association.

Commenting on the name change, Diem Association CEO Stuart Levy remarked that the move is part of the project’s efforts to simplify its objectives for regulators, adding:

“The original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”

Indeed, the Diem project has undergone significant changes following widespread pushback from regulators across the globe. From a “Facebook coin” backed by a basket of fiat currencies, Diem will instead issue individual stablecoin species, each pegged to a specific national fiat.

As previously reported by BeInCrypto, Diem is looking to launch one of its coins (a dollar-pegged token) in Jan. 2021.

However, this plan is contingent on receiving regulatory approval from the Swiss Financial Market Supervisory Authority (FINMA). Diem previously applied for a FINMA payments license back in Sept. 2019.

The Diem name change is the second of such actions for the project. Back in May, Facebook renamed its Calibra wallet to Novi.

Regulators Firmly Against Private Stablecoins

According to Levi, Diem is not cutting ties with Facebook despite the name change. Facebook’s association with the project remains one of the major reasons for the regulatory backlash targeted at Diem.

In a recent article, Christine Lagarde, President of the European Central Bank (ECB) doubled down on the perceived dangers of big tech-led payment projects. According to the ECB head, private stablecoins pose greater risks to financial stability than Bitcoin (BTC).

Lagarde, like other members of the mainstream financial establishment, says CBDCs are a viable countermeasure against private stablecoin projects like Diem. Apart from creating CBDCs, regulators are also proposing stricter regulations for stablecoins.

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Osato is a reporter at BeInCrypto and Bitcoin believer based in Lagos, Nigeria. When not immersed in the daily happenings in the crypto scene, he can be found watching historical documentaries or trying to beat his Scrabble high score.

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Source: https://beincrypto.com/facebooks-libra-renamed-diem-amid-plans-for-stablecoin-launch-2021/

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