Submitted by Harley Mayes on Wednesday 19th April 2023
Published on Wednesday 26th April 2023
Current status: Closed
Closed: Thursday 26th October 2023
Signatures: 21
Relevant Departments
Require organisations providing Cryptocurrency services to hold insurance
Require cryptocurrency exchanges to hold insurance to cover victims of fraud and theft against massive financial losses through no fault of their own
Victims of fraud and identity theft where money is transferred via Cryptocurrency often find they are unable to recover any lost funds due to the irreversible nature of the transactions
Often people who fall short of these circumstances are older and/or retired and could lose their life savings to criminals
I would like the government to put into legislation a requirement for Cryptocurrency Exchanges to hold insurance cover to protect victims of these scams
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