Why Exchanges Should Be Protecting Your Data
There have been enough cryptocurrency exchange hacks over the past several years to make the average user queasy. One industry pitfall is the lack of user data protection and how companies utilize that data for sometimes illegitimate reasons.
The Wild West of Cryptocurrencies
The amount of fraud and false advertising in the cryptocurrency industry to date has been palpable. Individuals looking to take advantage of a “hot market” are stealing code, writing white papers, and designing sleek looking websites to attract new customers. This has led to thousands of people being targeted for investment and losing money to fraudulent scammers.
It has become so bad that Facebook and Google have both banned advertisements about cryptocurrencies — a move that at first seemed to hurt the industry but has since then proven to weed out false advertisers.
Most exchanges and other cryptocurrency platforms haven’t given users control over their data, the ability to delete personal data when desired, or knowledge of where their data is going. Until users are afforded the protection and transparency to feel comfortable using new cryptocurrency services, there will never be mass adoption in the industry.
Along comes GDPR
As the entire technology has come under scrutiny for their lax approach to data privacy, the European Union has instituted the General Data Protection Regulation (GDPR), a set of laws to protect the privacy of individuals residing in the EU. Through the legislation, control over personal data is handed back to individuals, as businesses will have to obtain explicit consent from consumers to utilize their data. From now, EU residents don’t have to worry that their data is being used against their wishes and will have full rights to the knowledge of how their data is being used.
Incorporating new regulations and beyond
With the advent of GDPR legislation, and because personal data is paramount in the cryptocurrency industry, a solution is needed to provide clearly transparent protection for the data of every user. At ETERBASE we have incorporated GDPR directly into our backend code, making it a foundational piece of our platform.
As for data removal? Well, you can see for yourself in our whitepaper, loud and clear:
“All data subjects, whether individuals or companies, will have the option to request an absolute removal of all their data that is guaranteed by a third party and fully verifiable.”
This ability to remove data is something that no other exchange is offering, and allows us to be transparent with everything we do. Further steps are being taken even beyond GDPR legislation, as we will appoint an independent and professional Data Protection Officer (DPO) who will monitor all data subjects on a wide scale. This independent DPO will have full access to our company, from board meetings to internal data and more.
ETERBASE takes your data very seriously, and we want our users to experience the full transparency of our platform. When you don’t have to worry about your data, you can benefit fully from our exchange platform.