BTCC CRO, Dan on Protecting Users Privacy
Time: 20:00 on 27 April, 2020
Place: WeChat Groups
Topic: Protecting Users Privacy
Here is a summary from Our Chief Research Officer, Dan
Moderator: What is the secret of BTCC to maintain its stability amid extreme market condition? How BTCC see their relationship with users? What initiative BTC has taken to protect user’s privacy?
Dan: BTCC has been gone through a few bull and bear since its launch from 2011. While we have seen many exchanges shut down before BTCC was even launch. The reason BTCC is still here today is because we are able to provide a much fairer trading environment.
BTCC has been the leading innovative exchange for many years. Recently, we see many exchanges are looking to expand their perpetual contract business. However, a lot of exchanges doesn’t know how to regulate and manage the risk. They follow whatever is trendy at the moment, but this is not sustainable for the industry. After 2018, we shut down mining pool and other business. We focusing only on one product — Perpetual Contract. Our goal is to let users to have a much fairer trading environment as we see many unfair terms were imposed on users by other cryptocurrency exchanges.
We are also undergone some change in our management team, we not only attract top talents from the Blockchain space, we have talents coming from the traditional finance as well, and they are bringing their successful financial model into cryptocurrency space to provide a much fairer and professional trading environment. This is the key for BTCC to survive during Bull and Bear.
We see that there are many exchanges out there shut down the internet or deliberately trigger liquidation during volatile condition. We think that this is a shame to the industry.
As a leading exchange, we believe that we should be an example to bring the industry in a more open and transparent direction. For example:
- Our BTCC Index is comprised of 8 leading cryptocurrency exchange, the pricing is transparent and traceable.
- We cover loss from other losing accounts that have trigger liquidation, instead of letting other traders to cover the loss. In 2019, we covered total of 1,899,016 USDT for the loss from other traders that trigger liquidation. There currently no other exchange can do this.
To protect customers privacy, we have been partnering with several security firm to build a professional trading system to ensure each trading can run securely and smoothly.
There are many new exchanges out there have no technical background, they are relied on the template of third party to build the cloud exchange. Their internal risk management and underlying technology are putting themselves susceptible to information leakage.
At BTCC, customer data are cryptographically protected, and we have a strict internal guidance on accessing customer data. All of the technology and management we employed make us become an exchange that operate more than 9 years without information leakage.
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