RE: I Was asked for my Opinion on Crypto Exchanges

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I Was asked for my Opinion on Crypto Exchanges

in crypto-news •  last year 

It is unfortunate when fraud abuse or just plain negligence occurs anywhere in the financial system including the internet. You made an interesting comment about Crypto Exchanges being The New Wild West. That only means the Potential for Corruption Exists, it doesn't mean it's there.
As with Brick and Mortar Online Exchanges the trusted Crypto Exchanges are and will be those who prove they are real by either processing transactions and offering the goods of sale or by offering refunds when products are not received.

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The financial world is rife with abuse. If you look at the recent scandals from Libor rate manipulation to dark pool activities, they are on a massive scale and while banks may be handed hefty fines in multiple jurisdictions, the customers who lose out are often never compensated.

The misselling of PPI being an exception in the UK. In regard to exchanges I agree the ones who are seen to provide good service will survive, the others will inevitably fade over time. As regulation begins to reign in worst practices, certain exchanges may totally cease to exist. But what about wallets closed for maintenance which confer an advantage to the position of the exchange ?

as I said in the article, in my opinion the exchanges are getting away with actions which are totally illegal in any other regulated industry and while I don't want the fledging blockchain sector to be screwed into the floor by over regulation, there needs to be some clarity about what you can and can't do in relation to trading.