This is news of the new blacklisting standards of cryptocurrency which are established by the major traders of the Cryptocurrency industry. On May 8 the latest news came out that the parties are engaged in mischievous activities on purchasing, selling or withdrawing the tokens of cryptocurrency in the wrong way and hence something has to be done regarding this issue. For making all the rules and regulations regarding this, a meeting on Tuesday was held in Chicago where 35 different assets firms together decided to create a list of all the parties which are included in doing mischievous activities on the platform would be blacklisted and will lose the access to sell or purchase their tokens or bitcoins.
This is news in which our research has found out that one of the members of the traders has suggested for creating an act for recognization of the companies before giving them access to the platform. Creating an act will reduce the risk or theft of losing money and other customers will get relief from it. This will also reduce the chance of losing money by choosing the wrong trader.
Why the news is important?
This is news which is very important for the people who are involved in cryptocurrency exchange and had have lost their token or bitcoins due to theft. The new says that the hackers had taken 7000 bitcoins which were equal to 4, 07, 05,000 dollars. Hackers plan well before stealing or withdrawing the Bitcoins and the money by the people or counterparties who have 2% of exchange total Holdings.
This news will help you a lot to search for the new laws which can be very beneficial for the traders who are having tribulations in purchasing and selling of the Bitcoins as the report shows that 90 to 95% of wrong withdrawals work were done for the Bitcoins. One can say that this meeting has fruitful effects on the industries development and will help to reduce the frauds which are being done in the industry.
Coming to the conclusion this is news which is worth reading and will give an alert to all the traders to be more specific while purchasing or selling the Bitcoins to any seller or purchaser as one wrong decision of the trader will increase the chances of loss in the industry and business will go down. We all know that the cryptocurrency exchange industry is at peak of their business and the level of growth they are getting and the demand of cryptocurrency is increasing at a high frequency as it is a very good way to invest if you know when and how to sell or purchase the tokens and the bitcoins. So, when the demand increases the industry has to increase the security and safety level for the customers so that they can stay and become a loyal customer. As we all know that customer only trust the company which gives the best advantage to them and Similarly the which platform provides best services and the token security to the customer will attain the trader and they will come again to the sell or purchase the token or bitcoins.
Hence, today’s report is very beneficial and is important for this industry as it will increase the security level for traders and the mischievous activities are done by the counterparties will decrease. However, only by making the act will not give any benefit as relying them on the customers and making sure that the rule is followed by all the traders for starting sell or purchase of the bitcoins.
A very trusty worthy industry but needs a little advancement and strict rules to grow at a constant rate.