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BTCC / Hashtag / presses crypto exchanges to block profits
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Should you use bad exchanges in the cryptocurrency industry?

The best thing you can do, as an individual in the cryptocurrency industry, is not use bad exchanges. At the end of the day, bad exchanges still need users’ deposits in order to stay alive. If bad exchanges are identified ahead of time, and their nefariousness publicized, then we can prevent hacks, attacks, and scams.

Is it in the best interest of the cryptocurrency industry?

It is in the best interest of the cryptocurrency industry to get rid of fraudulent, or manipulative exchanges. These exchanges perpetuate the narrative that cryptocurrencies are used by criminals, thieves, and hackers. The best thing you can do, as an individual in the cryptocurrency industry, is not use bad exchanges.

How can exchanges detect crypto funds linked to illicit activity?

While trying to curb crypto crime, exchanges have installed tools to detect crypto funds linked to illicit activity. CipherTrace’s tech tool, for instance, enables exchanges to flag potentially risky transactions. Again, it can determine if transactions involve a prohibited region or entity.

What are the most common problems in the cryptocurrency markets?

One of the most common problems in the cryptocurrency markets is the trust of exchanges. Nefarious exchanges will manipulate the price of assets, perform wash trading, and even run away with the money. What is Wash Trading? Wash trading is when a trader on an exchange buys and sells a particular asset with themselves.

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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.

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