It is definitely been a tough year for the big centralized crypto exchanges. Between dealing with regulators breathing down their necks, the crazy volatility in crypto markets, and some high-profile hacks, these companies have had their hands full!
But one thing that really bugs users is the lack of transparency from some of these exchanges and when something goes wrong with your account or a trade you can feel totally powerless getting any real help or answers from them. And that doesnt exactly inspire confidence!
Security is clearly another huge issue plaguing the industry too. The CEXs have gotta keep working to lock things down and protect user funds better. Bitget's new protection fund seems like a good effort on that front. But one fund isnt gonna be any kind of cure-all here.
The exchanges need to tackle the deeper problems undermining trust if they really want to assure users and give them confidence again.
Theres definitely still work left to do on that front!
Topic: User protection funds, Should more cex adopt this culture? - page 2. (Read 213 times)
Apparently, the funds are self-funded and designed to safeguard users' assets against hacks, harsh market conditions, etc. In my opinion, this is a commendable practice by the CEX and will undoubtedly instill confidence in users when using the platform in the future.
Perhaps other platforms should adopt this culture moving forward?
Although this is just another shill by Bitget to highlight one of their feature but I guess already have one of this feature and in fact started this even before Bitget. I’m not sure if other exchange done this but Bitget is not the one who started it so stop sharing like Bitget started it.
Besides I’m not sure if that funds is really secured if they are still the one holding it and not in the care of an escrow which will act once the condition met because this protection funds can be voided anytime once the CEX itself already taken the fall.
From my perspective, I think op has good intentions. You know, highlighting the importance of building users confidence in the crypto industry is of paramount importance most especially with the recent happenings of hacks, shut downs etc. So if there are exchanges such as Bitget and maybe others who are committed to this course through increasing their protection funds, then it's okay to point it out. Some Investors are on the lookout for a lifeboat and as you've mentioned, not all exchanges has this feature.
Bitget is also a good exchange though, but there are many other centralized exchanges that users like to trade in. First of all, I have to talk about Binance as it is one of the world's best exchanges user can also store their fund even with having so many risks in centralized exchanges but they also hold their fund in Binance. And Kucoin Exchange is also used by different traders to get some good trades there because it also has a good trading volume. If the number comes about the Bitget then no one can say that bitget is not good, because it has even a strong security as compared to many exchanges.
Apparently, the funds are self-funded and designed to safeguard users' assets against hacks, harsh market conditions, etc. In my opinion, this is a commendable practice by the CEX and will undoubtedly instill confidence in users when using the platform in the future.
Perhaps other platforms should adopt this culture moving forward?
Although this is just another shill by Bitget to highlight one of their feature but I guess already have one of this feature and in fact started this even before Bitget. I’m not sure if other exchange done this but Bitget is not the one who started it so stop sharing like Bitget started it.
Besides I’m not sure if that funds is really secured if they are still the one holding it and not in the care of an escrow which will act once the condition met because this protection funds can be voided anytime once the CEX itself already taken the fall.
It's been a challenging year for many exchanges due to factors like the crypto winter, SEC crackdown, and compliance issues. CEXs such as Bittrex, Huobi, Bybit, and even Binance have faced issues in recent months, causing users, including myself, to be hesitant in their approach to interacting with CEXs.
Despite it all, I was browsing through Twitter (now X) in search of the next meme gem. Came across an article that caught my attention.It stated that Bitget's protection funds have reached an all-time high valuation of $410M. Out of curiosity, I delved deeper into the article and was impressed by what I discovered.
Apparently, the funds are self-funded and designed to safeguard users' assets against hacks, harsh market conditions, etc. In my opinion, this is a commendable practice by the CEX and will undoubtedly instill confidence in users when using the platform in the future.
Perhaps other platforms should adopt this culture moving forward?
Despite it all, I was browsing through Twitter (now X) in search of the next meme gem. Came across an article that caught my attention.It stated that Bitget's protection funds have reached an all-time high valuation of $410M. Out of curiosity, I delved deeper into the article and was impressed by what I discovered.
Apparently, the funds are self-funded and designed to safeguard users' assets against hacks, harsh market conditions, etc. In my opinion, this is a commendable practice by the CEX and will undoubtedly instill confidence in users when using the platform in the future.
Perhaps other platforms should adopt this culture moving forward?
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