Facebooks’ Novi Financial Can Share Data About Libra Users
By Ollie Hurst – Cryptocurrency Specialist
As more people look to buy altcoins, the blockchain startup space has grown, though not all projects have been met with welcoming reactions. Facebook has been criticized for their relaxed attitude towards privacy and data storage on their Libra network. Novi Financial, a subsidiary of Facebook, has recently reserved the right to share the digital information of Libra users with third parties. This will be with the consent of the account holder and in some cases, “without further notice”.
As outlined in the Novi platform policy, there are two primary types of data that they collect when users engage with the site. The first are profile details that are directly provided, including full name, email, and countries selected. The second are automatically consolidated data points including the operating system, browser type, pages visited, time zone, language, IP address, mobile operator, first-party cookie IDs and more.
According to the global head of Fraud Prevention Solutions at cybersecurity and anti-virus provider Kaspersky, the information collected by Novi is standard in the cryptocurrency trading space and moreover, is essential to tackle fraud and avoid money laundering activities. This information can ultimately decide whether transactions by those who buy and sell cryptocurrency are suspicious or legitimate.
Novi stated that data is gathered to comply with legal requirements. The platform shares information both internally and externally with their partners. They keep the information “as long it serves the purposes for which is was collected” a spokesperson said.
Under some laws, users can edit and delete data that they have provided to the site. According to the CEO of Facebook, Mark Zuckerberg, Libra will make payments and overall commerce a lot easier. Online entities must implement necessary security practices to maintain the integrity and confidentiality of private information according to the company.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing email@example.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to firstname.lastname@example.org from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at email@example.com Kind Regards