I guess this common to every exchange (well, at least to those i used) were every notes and warning can be seen on the platform. But as if it will work on people who don't bother reading the as they already how exchange works and do the trade. Also, how would they know if the user uses it's X% net assets? Again that won't help it just there for warning and regulatory compliance purposes.
But for the knowledge assessment, i guess it's a good idea to filter people who knows what they are doing.
Topic: Should Crypto Exchanges Require Risk Warnings, and Knowledge Assessment? - page 2. (Read 229 times)
December 19, 2024, 10:56:27 AM
December 19, 2024, 10:40:24 AM
If i'm not mistaken what i remember the specific exchange that do the same things is binance, wherein they provide quizzes and from it you can actually obtain some information such how trading works especially using leverage and etc. but now I don't know if still existing since i move to another platform. But yeah these kind of activity on some exchanges are really helpful and it would be better if all of them do the same thing for the sake of new comers so that they are aware as well and become knowledgeable ,not that they always ended up complaining about trading is a gamble and scam after losing money because of greediness. Lol
December 19, 2024, 10:25:10 AM
Nope, it's a bad idea.
I don't like the second rule because I invest in Bitcoin more than 10% of my net assets, holding 10% won't make me rich because I'm not rich and have a lot money. For now I'm holding like 99% in Bitcoin, if I buy Bitcoin from Coinbase, it would be a big problem.
Not to mention having these rules will increase the chance our coins to be frozen or confiscated.
I don't like the second rule because I invest in Bitcoin more than 10% of my net assets, holding 10% won't make me rich because I'm not rich and have a lot money. For now I'm holding like 99% in Bitcoin, if I buy Bitcoin from Coinbase, it would be a big problem.
Not to mention having these rules will increase the chance our coins to be frozen or confiscated.
December 19, 2024, 10:03:16 AM
This is very good. I remember when I first registered on Binance, I saw somethings like this during that time. Also if they send email messages, they end the message with how crypto is very risky. Also if you want to start margin and future trading, you will have to answer some questions. I do not know if Binance is still like this or not. I do not noticed it on most exchanges. It will be good if all exchanges are mandated to make sure such information are available for all newly registered customers before they will be able to access the exchange products and services.
December 19, 2024, 07:40:14 AM
Do you think that this crypto trading regulations should be implemented by all exchanges similar to what Coinbase UK reportedly requires before allowing users to trade? They are:
See Coinbase UK Knowledge Assessment
I think that there should be some information given to users that will explain them risks and warnings that come with crypto trading but quizzes are a stupid idea because no one really cares about them and all they want is to bypass them immediately. Also some people create text and video guides and if you google quiz, you'll find answers to every question. Binance had mandatory quizzes and it was stupid.- Users must acknowledge prominent risk warnings stating they could lose all their money
- Investors must declare themselves as "restricted investors" and confirm they won't invest more than 10% of their net assets in high-risk investments, requiring them to specify actual percentages of past and intended future investments.
- A mandatory knowledge assessment quiz that users must pass to start trading, with questions covering topics like staking, trading hours, exchange risks, and regulatory requirements.
See Coinbase UK Knowledge Assessment
I don't agree with the regulation of "restricted investors". It's nobody's job how much I invest in anything. If I believe that a risky coin will bring me back tons of profits, like PEPE, I might risk, invest lots of money and my life will change forever for good. Maybe this risk is worth it for me, it's very individual, so I highly disagree with not investing more than 10% of our net assets. Such a restriction will increase inequity in the market.
December 19, 2024, 07:10:03 AM
Do you think that this crypto trading regulations should be implemented by all exchanges similar to what Coinbase UK reportedly requires before allowing users to trade? They are:
Binance did it too and I remember that they provided it since several years ago, not in 2024.- Users must acknowledge prominent risk warnings stating they could lose all their money
- Investors must declare themselves as "restricted investors" and confirm they won't invest more than 10% of their net assets in high-risk investments, requiring them to specify actual percentages of past and intended future investments.
- A mandatory knowledge assessment quiz that users must pass to start trading, with questions covering topics like staking, trading hours, exchange risks, and regulatory requirements.
Is Binance a first exchange attaching risk warning and risk acceptance before users answer several questions like 5+ questions, before they complete these questions and are allowed to trade with new listed coins, or with Margin, Futures trading types?
It is like Disclaimers from Binance and Coinbase, or other exchanges. I am sure with you that traders don't mind to read those questions and think deeply about risk warnings. They only answer quickly to start trading as soon as possible.
December 19, 2024, 06:37:39 AM
Do you think that this crypto trading regulations should be implemented by all exchanges similar to what Coinbase UK reportedly requires before allowing users to trade? They are:
See Coinbase UK Knowledge Assessment
- Users must acknowledge prominent risk warnings stating they could lose all their money
- Investors must declare themselves as "restricted investors" and confirm they won't invest more than 10% of their net assets in high-risk investments, requiring them to specify actual percentages of past and intended future investments.
- A mandatory knowledge assessment quiz that users must pass to start trading, with questions covering topics like staking, trading hours, exchange risks, and regulatory requirements.
See Coinbase UK Knowledge Assessment
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