Fun

News Feed - 2023-11-22 09:11:00

Cointelegraph Research11 hours agoSetting new standards for crypto exchanges in the post-FTX era: ReportIn an industry that is growing increasingly wary of financial malpractice, which exchange is the most trustworthy?1234 Total views8 Total sharesListen to article 0:00ResearchJoin us on social networksThe year 2022 saw a historic breakdown of trust in exchanges and other crypto service providers. The collapses of Sam “SBF” Bankman-Fried’s FTX and Alex Mashinsky’s Celsius are still fresh in the community’s memory, with SBF’s criminal trial only recently concluding. These cases serve as a painful reminder that fraud and bad business practices can happen in corporations of any size and that crypto, as a nascent industry, is especially susceptible. A sleek website, high trading volume or primetime television ads are no guarantee that a customer’s savings will be safe. 


To advance the industry, it is imperative to set new standards for centralized third-party service providers in crypto. To this end, a new report from Cointelegraph Research surveyed nine major crypto exchanges — Binance, Bit2Me, Bitfinex, Bitstamp, Bybit, Coinbase, HTX, Kraken and OKX — and compared them with a particular focus on consumer and funds protection.


Download a PDF of the Report for free from the Cointelegraph Research Terminal.Looking into the facts


The report analyzed whether companies are located in a tax haven or a pro-customer jurisdiction, the transparency of their corporate finances, and how they ensure the user’s assets are secure and well-handled. These considerations are especially relevant for risk-averse individuals and businesses — those willing to compromise on fees and trading volume to ensure that the funds they hold on an exchange have all possible protections.


Some jurisdictions — often those notorious for being tax havens — offer companies leeway to do less for consumer protection and regulatory compliance. This ranges from the safekeeping of personal data to responsible risk disclosure. All other things being equal, it can sometimes be a red flag if an exchange seeks out a less regulated environment. The map below presents how safe the customer is in some of the most popular jurisdictions among centralized exchanges.


Based on the analysis, Bit2Me and Kraken stand out in all the categories examined. They are both headquartered in jurisdictions with strong customer protection regulations and have credible third-party proof-of-reserve audits and payment infrastructure. Besides, they provide extensive risk disclosure to their consumers through their interfaces.


Download a PDF of the full Report for free from the Cointelegraph Research Terminal.


To achieve true mass adoption, crypto needs to be brought into regulatory frameworks. This doesn’t mean giving up on the principles of decentralization and privacy but instead finding a balance where these principles can coexist with legal and financial safeguards.


Regulatory clarity and compliance, especially those directed to protect customers, would increase trust among potential users and open opportunities for institutional investors and businesses to enter the crypto space. The crypto community should strive to create an ecosystem where the benefits of crypto are accessible to everyone while minimizing the risks of fraud, money laundering and bad business practices that might put personal cryptocurrency savings in jeopardy.


The opinions expressed in this article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.


Cointelegraph does not endorse the content of this article nor any product mentioned herein. Readers should do their own research before taking any action related to any product or company mentioned and carry full responsibility for their decisions.# Business# Cryptocurrency Exchange# RegulationAdd reactionAdd reactionRead moreHistory tells us we’re in for a strong bull market with a hard landingSpot Bitcoin ETF: Why this time is differentKraken to suspend trading for USDT, DAI, WBTC, WETH and WAXL in Canada

News Feed

Bitcoin, Ethereum Technical Analysis: BTC Slips, Following Move Above $21,000
Bitcoin, Ethereum Technical Analysis: BTC Slips, Following Move Above $21,000 Bitcoin fell marginally lower on Thursday, as traders moved to secure gains following yesterday’
Anonymous DeFi Project Core Announces New Token Project
Anonymous DeFi Project Core Announces New Token Project Core, an anonymous and hyped DeFi project, has announced Delta, a new product and token. Core says this w
Russia Gets Bulk of Chinese Mining Machines Amid Miners’ Exodus, Report Reveals
Russia Gets Bulk of Chinese Mining Machines Amid Miners’ Exodus, Report Reveals China’s crackdown on its crypto mining sector, launched earlier this year, caused a massive
World’s Largest NFT Marketplace Opensea Reveals Drop Improvements, Arbitrum L2 Support
World"s Largest NFT Marketplace Opensea Reveals Drop Improvements, Arbitrum L2 Support The largest non-fungible token (NFT) marketplace by sales volume, Opensea, has announced a ne
Australia’s revamped data program to ‘catch out’ crypto tax cheats
Jesse Coghlan2 hours agoAustralia’s revamped data program to ‘catch out’ crypto tax cheatsThe Australian Tax Office is collecting over a decade of crypto transaction data, and tax dodgers could be busted if they do
‘Visibly Shaking’ FTX Co-Founder Hammers out a ‘Wasted Day’ in Court as Bahamian, US Legal Team Prep for Extradition
"Visibly Shaking" FTX Co-Founder Hammers out a ‘Wasted Day’ in Court as Bahamian, US Legal Team Prep for Extradition FTX co-founder Sam Bankman-Fried (SBF) had a difficult day
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility
Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate Following Week of Intense Volatility Following what has been a turbulent week of trading, bitcoin prices consolidated to
Zhiyuan Sun9 hours agoSBF says spending FTX customers’ money was part of ‘risk management’: ReportAt the time of bankruptcy, FTX faced a shortfall of $8 billion owed to its customers.4010 Total views11 Total shares
OCC’s Brian Brooks Says China Owns Bitcoin but Crypto World Disagrees: Chinese Crackdown Pushes Miners Away
OCC"s Brian Brooks Says China Owns Bitcoin but Crypto World Disagrees: Chinese Crackdown Pushes Miners Away Bitcoiners on social media have panned remarks by act
Cointelegraph Research11 hours agoSetting new standards for crypto exchanges in the post-FTX era: ReportIn an industry that is growing increasingly wary of financial malpractice, which exchange is the most trustworthy?12
$2.7 Billion in NFT Sales Recorded Last Month — Ethereum, Ronin, Solana Top 3 NFT Networks
$2.7 Billion in NFT Sales Recorded Last Month — Ethereum, Ronin, Solana Top 3 NFT Networks This week Google Trends shows that the acronym NFT, which stands for non-fungible token
Research: New Malware Employs Tor and Bittorrent To Steal Bitcoin and Ether
Research: New Malware Employs Tor and Bittorrent To Steal Bitcoin and EtherA new trojan called Krypto Cibule uses infested computers’ power to mine cryptocurrency, steal crypt