ASX warned of the risks of storing cryptocurrencies on centralized exchanges – Bits Media

Australian Stock Exchange (ASX) warned local investors about the significant risk of losing funds when storing cryptocurrencies on centralized exchanges.

The document emphasizes, that customers of centralized sites do not have access to closed Key from the wallets of exchanges. In fact, They entrust their funds to strangers, After all, “if you have no keys, there are no coins ".

In addition to the risks of fraud from representatives of exchanges, There are also risks. Centralized sites are constantly hacking, and funds are excreted by hackers. In the period p 2011 by 2020 the years, According to Crystal Blockchain, The criminals were able to steal about $7.7 billion in cryptocurrencies.

At the same time, ASX representatives recognize, that in recent years, the number of hacks of centralized exchanges has decreased, Since hackers switched their attention to decentralized projects.

Another risk for users of cryptocurrency exchanges is the possibility of leakage of their personal data. If a noticeable level of anonymity remains on decentralized exchanges, then there are all the information they requested at the disposal of the centralized sites, including the amount, which the trader operates.

ASX representatives advised the Senate special committee on financial regulation technologies to create basic requirements for ensuring the safety of cryptocurrency exchanges, and also strengthen the requirements for reporting and insurance of funds.

ASX has been developing a blockchain calculation system for a long time, However, its launch was repeatedly transferred. This year in the lists of products, available on the Australian Stock Exchange, Cryptocurrency ETF may appear.