Britain's Regulators Discuss Crypto Exchange Security Matters

June 26, 2018

Recent hacking of the South Korea’s largest crypto exchange Bithumb with $30 million stolen has made British regulators to discuss again security issues of crypto platforms operating in the country.

With the view of growing popularity of cryptocurrencies the market witnesses more and more new crypto exchanges starting. So the numbers of crypto hackings rises as well while the situation over it is getting more dangerous taking account of incidents with Bithumb and Coincheck.

The head of CryptoUK group Iqbal Gandham has claimed the necessity of using cold wallets. He said, 90% of association members keep their crypto savings in cold ones as it is almost impossible to steal funds in this case. One can only gain physical access to such wallets if having necessary keys.

Gandham also noted, obstacles in elaborating crypto industry regulation may result in local banks refusing to serve digital currency owners. Lack of related rules would create high-risk environment for British crypto traders:

“99.9pc [of exchanges] have bank accounts in far-flung jurisdictions, and U.K. consumers are sending their money to high-risk jurisdictions.”

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