UK COINBASE QUIZ ANSWERS REVEALED! | No More 24-Hour Lockouts
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Coinbase UK regulations now require all UK users to complete an appropriateness assessment, ensuring you're aware of the risks involved in investing in crypto assets. Failing the quiz twice will result in a 24-hour lockout from your account. This video provides a summary of the key answers to the most frequently asked questions in the quiz. Hope it helps!
0:00 Intro
0:15 What happens when you opt into staking crypto-assets held in your Coinbase account?
0:31 What law governs your relationship with Coinbase as a UK customer?
0:40 What regulation applies to UK-based crypto-asset businesses?
0:54 Which statement best describes how crypto-asset exchanges compare to traditional stock market exchanges?
1:14 What protections do you have due to Coinbase being regulated as an Electronic Money Institution by the Financial Conduct Authority in the UK?
1:40 What happens if there is a service disruption at a centralized exchange?
1:54 Decentralised Finance (‘DeFi’) tokens (e.g. AAVE) are crypto-assets linked to financial applications built on decentralised blockchain technology. What are key risks with these types of tokens?
2:14 What crypto-asset services does Coinbase offer?
2:20 What happens to crypto-assets held in your coinbase account?
2:34 During what times might the value of your crypto-assets change?
2:50 It is important to find a crypto-asset exchange you trust. What are some of the risks you assume when trading on a crypto-asset exchange?
3:03 ‘Wrapped tokens’ are tokenised representations of other crypto-assets. They are typically created to facilitate compatibility and interaction across different blockchain protocols. What are key risks with these types of tokens?
3:22 What statement about stablecoins is true?
3:28 What best describes a potential risk when holding crypto-assets?
3:36 What does the Financial Ombudsman Service and/or the Financial Services Compensation Scheme (FSCS) protect you against with regards to your crypto-assets?
3:57 When you purchase crypto assets, what are your potential losses?
4:08 Which of the following is an accepted risk management strategy when trading in crypto-assets?
4:23 What rights does Coinbase have over the crypto-assets in your account?
4:43 What information do issuers of crypto-assets offered in the UK have to disclose to UK regulators?
4:58: ‘Meme coins’ (e.g. DOGE) are crypto-assets whose value is driven primarly by community interest and online trends. What are key risks with these types of tokens?
5:14: What primary role(s) does Coinbase play with respect to the crypto-assets traded on its platform?
5:27 What protections do you have due to Coinbase being regulated as an electronic money institution by the financial conduct authority in the UK?