Facebook failed to warn users of known risks before 2018 breach: court filing

(Reuters) – Facebook (FB.O) users suing the world’s largest social media network over a 2018 data breach say it failed to warn them about risks tied to its single sign-on tool, even though it protected its employees, a court filing on Thursday showed. Single sign-on connects users to third-party social apps and services using their Facebook credentials. The lawsuit, which […]

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Facebook warns of costly privacy changes, discloses another U.S. probe

(Reuters) – Facebook Inc (FB.O) said on Wednesday that new data privacy rules and forthcoming privacy-focused product changes would slow its revenue growth and significantly raise expenses, driving down its shares in after-hours trade even as quarterly revenue topped estimates. The outlook came soon after the company agreed to pay $5 billion to settle a data privacy probe and disclosed […]

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Facebook faces more scrutiny from Congress over Libra cryptocurrency plan

WASHINGTON (Reuters) – Facebook Inc faces more questioning by U.S. lawmakers on Wednesday over its planned cryptocurrency, after a bruising first bout when senators from both parties condemned the project, saying the company had not shown it could be trusted. The social media company is fighting to get Washington on its side after it shocked regulators and lawmakers with its […]

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Bitcoin falls back below $10,000, losing a fourth of its value in a week

Bitcoin fell to a low of $9,496.69 Tuesday — a more than 25% drop from where it was trading a week earlier — as lawmakers cast doubt on the safety of cryptocurrencies during a Senate hearing Tuesday. The world's most valuable digital asset had rallied after Facebook's announcement in June to launch a global cryptocurrency. But that enthusiasm has faded […]

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Facebook's Marcus says regulatory concerns to be 'fully addressed' before Libra launch

WASHINGTON (Reuters) – Facebook’s top official overseeing the launch of its Libra cryptocurrency plans to tell U.S. lawmakers the company does not plan to launch the digital currency until regulatory concerns and approvals are “fully addressed.” David Marcus, who oversees Facebook’s blockchain efforts, also plans to vow that Libra is not being built to compete with sovereign currencies or interfere […]

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Facebook's Libra coin likely to run a regulatory gauntlet

NEW YORK/SAN FRANCISCO(Reuters) – Facebook Inc (FB.O) will face unprecedented regulatory scrutiny over a new digital currency that the social media company hopes will become globally recognized legal tender within a year. Since Facebook unveiled its cryptocurrency, called Libra, 10 days ago, Reuters has spoken with more than a dozen people with experience in financial regulation, financial technology, payments or […]

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France creates G7 cryptocurrency task force as Facebook's Libra unsettles governments

PARIS (Reuters) – France is creating a G7 task force to study how central banks ensure cryptocurrencies like Facebook’s Libra are governed by regulations ranging from money-laundering laws to consumer-protection rules, France’s central bank governor said on Friday. Governor Francois Villeroy de Galhau said the task force would be led by Benoit Coeure, a European Central Bank board member. Facebook […]

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Facebook co-founder says Libra could shift monetary clout to private companies: FT

(Reuters) – Facebook Inc’s Libra cryptocurrency would hand over much of the control of monetary policy from central banks to private companies, the company’s co-founder Chris Hughes said in an opinion piece in the Financial Times on Friday. “If global regulators don’t act now, it could very soon be too late,” Hughes said. Hughes also said the corporations that would […]

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Facebook's cryptocurrency ambitions face privacy concerns, political backlash

SAN FRANCISCO/NEW YORK (Reuters) – Facebook Inc announced ambitious plans on Tuesday to launch a new global cryptocurrency called Libra, part of an effort to expand into digital payments that immediately raised privacy concerns. The social networking giant has linked with 28 partners including Mastercard, PayPal and Uber to form Libra Association, a Geneva-based entity governing the new digital coin, […]

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U.S. lawmakers joins global chorus of concern over Facebook's cryptocurrency

WASHINGTON (Reuters) – Both Republican and Democratic U.S. lawmakers joined policymakers across the globe who are concerned what Facebook Inc’s decision to launch its own cryptocurrency could mean for data privacy and security. Representative Patrick McHenry, the senior Republican on the House Financial Services Committee, wrote a letter Tuesday to committee Chairwoman Maxine Waters, a Democrat, calling for a hearing […]

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