Data safety on Centralized exchanges

CryptoLogo

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Quote from: kasakola on December 19, 2020, 01:07:34 PM

First of all I would suggest not to give your data with centralized exchanges to anyone because they can do a lot by stealing our data. But yes I also say that when we are involved in this type of cricket we need it for buying and selling so I can talk binance and huobi for my convenience, and I have done so. There are many exchanges where you don't have to give any data and for that you have to work within their limited. That means you have to work at your own risk.

Are you saying that to tens of thousands of people who are actually forced by centralized exchanges to disclose their personal data?
Alas, for most traders in need of good liquidity, there is no choice. They have to put up with the fact that exchanges receive their personal data in exchange for providing a quality exchange opportunity.

bitcon

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Quote from: NextDoor125 on December 18, 2020, 12:49:42 PM

Thanks to the incarnation of a relevant discussion, centralized exchanges will increase security on their systems to a much greater extent just as business transactions will be smoother and data will be secure.

Most users are not yet ready for decentralized services. They prefer centralized exchanges because of convenience and are even willing to turn a blind eye to privileges such as privacy, security, and freedom. Many people still do not understand all the advantages of working with decentralized exchanges. Lips sealed

Princejebs

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Quote from: cryptworld on December 06, 2020, 08:58:20 AM

Everyone should be careful when it comes to centralized exchanges. I suggest that you should not use your personal email and of course password which you use in other places.

You are right. Not your keys not your coins irrespective of precaution measures you took. It's very important we always remember that no matter how secure how centralized exchange is, they can be hack and your personal information and assets can be toy with.
One can used personal email and password, it all depends on how secure you are with your account, I believe every crypto exchange has a 2FA which can be another precaution and measure for safeguarding once account.

CryptoLogo

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Quote from: Samayuki on December 06, 2020, 12:08:08 PM

Presently binance and many other top exchanges haven't compulsory KYC to their users, if you aren't trading with huge amount of money you won't have problem with the limited 24hrs withdrawal on binance exchange and other top exchanges, to say the truth DEX isn't a good place for trading but if in near future the SEC or law force top exchanges to start rejecting non-verified users off the Exchanges we will have no choice but to complete the KYC verification

This can really happen, but not all over the world.
Regulators operate in certain locations, which means we can always find a large exchange that will provide us with the necessary functionality without having to go through the identification procedure so hated by many.
Binance can request identification at any time if they don't like something.

kasakola

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First of all I would suggest not to give your data with centralized exchanges to anyone because they can do a lot by stealing our data. But yes I also say that when we are involved in this type of cricket we need it for buying and selling so I can talk binance and huobi for my convenience, and I have done so. There are many exchanges where you don't have to give any data and for that you have to work within their limited. That means you have to work at your own risk.

Mighty_crypt

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Quote from: FireBallex on December 04, 2020, 12:52:22 PM

If you care so much about your information and identity pls don't go near Centralized exchanges, even if top exchanges are more reliable because of their reps they can still become victims to hacks and vital informations can be exposed, DEXs wins the data security in crypto space, it's why I wish that DEX can be as good as Centralized exchanges someday.

Tale your time to open the best DEX website (Uniswap) right now and you will see a warning sign about some scammers creating fake tokens and sell them on uniswap, how can you say that DEX is safe? If you lose money to cloned tokens you aren't getting a refund, if you lose money to top exchanges there is a chance of getting refunded

Eddyc

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The internet is evolving with each passing year and the security methods are following this evolution line and with crypto it's no different. So, as the comment above said, at the moment we do not find any 100% effective security and that we can trust all of our information and finances and what we can do is hinder some access or resort to the justice of your country to ensure your rights.

Chuky92

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Quote from: TanakabZX on December 03, 2020, 04:55:30 AM

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

Data privacy is becoming a huge challenge in the world not just in the crypto space, but talking about data safety in centralized exchanges is a long discussion because there are many things to put into account. First centralized exchanges have enough volume and good user interface and this makes them very attractive unlike its counterpart decentralized exchanges, thus to enjoy more trading in most exchanges like Binance, you will need a verified account. Also, most centralized exchanges now supports fiat withdrawal and the first step towards withdrawal is having a verified account, thus you can see most times users have no choice than to do what they have to do in order to make it easy for them. And lastly, centralized exchanges most of the times, acts on the directives of the law enforcement.
But however, all these doesn't outmatch their incompetencies in securing users data thus should take full responsibility for their failure in that. This also means that, users should at all times take every step to protect their data, in whichever way they can, there are good Dex, P2P platform are also there etc.

JeotQ

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Quote from: NextDoor125 on December 18, 2020, 12:49:42 PM

Thanks to the incarnation of a relevant discussion, centralized exchanges will increase security on their systems to a much greater extent just as business transactions will be smoother and data will be secure.

It would have been great if this is all there is to centralized exchanges and users data but no, things won't end up like you said, centralized exchanges have no power to neglect whatever the law wants, sooner or later they will have to abide or face the consequences, of government entities need users data for tracking purposes who dares says no? We might end up trusting DEX only later on

NextDoor125

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Thanks to the incarnation of a relevant discussion, centralized exchanges will increase security on their systems to a much greater extent just as business transactions will be smoother and data will be secure.

bittick

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Don't talk data safety when you still trust your data to an exchange in which you don't even know who's the team running that exchange. Imagine handing over credentials to these strangers.
Leaked email is some measly thing compared to the valid government ID being leaked. But, people always overlooked such thing and let it go as if it's not gonna give them bad effect in the long run.

Samayuki

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Presently binance and many other top exchanges haven't compulsory KYC to their users, if you aren't trading with huge amount of money you won't have problem with the limited 24hrs withdrawal on binance exchange and other top exchanges, to say the truth DEX isn't a good place for trading but if in near future the SEC or law force top exchanges to start rejecting non-verified users off the Exchanges we will have no choice but to complete the KYC verification

Paycoinzzz

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Quote from: TanakabZX on December 03, 2020, 04:55:30 AM

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

It is not at all error, this is a problem due to outside influence, maybe the hacker has broken into the database and tried to steal it to sell to the outside. All exchanges that require KYC to do so intend to sell all of our information.
Even with Binance, they do the same thing. When tens of thousands of KYC sets were leaked in 2018 by a hacker, they alleviated users' anger by allowing them to transact without KYC. But anyway, it all came out and exchanges have the same mechanism. So we should only trade with exchanges that don't require KYC provision, which makes it much safer for us.

cryptopediabd

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Quote from: TanakabZX on December 03, 2020, 04:55:30 AM

You still think that your data is save on Centralized exchanges? Think again, today australian crypto exchange accidentally expose users information, over 270,000 customers data is exposed, what kinda mistake is this anyways?

https://ia.acs.org.au/article/2020/australian-crypto-exchange-exposes-emails.html

You know dude i am not surprise at all. You can see this kinds of gossips everyday on internet. You will probably find this news like app selling data information. Nowadays application personalal data is mostly selling online. It was happened before USA election.

It's most causes online survey application. And now with cryptocurrency data information. I heard some days ago about one exchange, "i forgot" actually it's happening majority times.

TheGreatPython

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People are afraid of their "data" being stolen in everywhere they go online, they are afraid that their information will leak into internet and will be there forever. What people are forgetting about is the fact that most of the time when there is a data available to sell, it is not your personal information most of the time, it is more about what you like or dislike so that these places can sell it to marketing companies and other companies who would like to sell your something.

You think facebook really cares who you vote for? Or which brand of coffee you like? They do not care about it at all, but they will take it so they can sell it to coffee brands in order to try to sway to their brands. Centralized exchanges do not have any information that people could really use, if hackers can get to your money that is fine, but that is about it of what you can get there.

el kaka22

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People are afraid of their data now? I mean for the past 20 years online business and companies have been collecting as much data about you as possible, they have been giving you tests to solve like a joke or entertainment while on the backend use those answers to sell you stuff and basically use you like a wallet for their services, and NOW you are worried about your data?

Believe me, between what Facebook and Google type of companies do, these crypto world will be nothing comparatively speaking, there are trillions of data not only at the hands of one of the cruelest business ventures in the world, but also there are a lot of your data leaked into online worlds for anyone to use or sell if they want to. So, giving few KYC information to CEX will not change anything at all.

cryptworld

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Everyone should be careful when it comes to centralized exchanges. I suggest that you should not use your personal email and of course password which you use in other places.

Greatchu

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Users data aren't safe with centralized exchanges, even if a certain exchange plans to never expose or use users data all centralized exchanges aren't above the law, I prefer using CEX over DEX, no doubt about that but if centralized exchanges feels like unsafe haven for traders many will abandon CEX, moreover DEX has better security, total control of funds, DEX only lacks volumes

VDraci

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There will definitely be problems with centralized exchanges in near future, if government and law gets too closer to centralized exchanges they will start losing customers and people will be forced to stick with DEX and accept DEX problems as it is, people like having control over everything and that's what DEX is all about but due to lack of volumes many have no choice but to stick with top exchanges, that might change any time soon

Kvalentine

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Centralized exchanges are all under the law, SEC have power of them, they can easily be regulated as well but not decentralized, that's why we need more DEX in crypto space, not just anyhow DEX platforms but DEX with better and easier dashboard, less confusing to newbies, presently only Uniswap makes sense, others are rubbish

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