Why Integrity Matters More Than Profits in Crypto Industry

Known for its dynamic and innovative technology, the crypto industry has seen explosive growth in its user base in recent years. According to Statista, the global crypto user base increased by nearly 190% between 2018 and 2020, surpassing the 100 million mark for the first time. This growth further accelerated in 2022, reaching 420 million.

Image from Statista

In recent years, the crypto industry has witnessed rapid development and attracted a substantial number of investors and participants. However, a series of discreditable events have brought some doubts to the industry. Incidents such as last year’s collapse of Terra and the bankruptcy of 3AC and FTX, as well as this year’s JPEX scam and the asset theft from Atomic Wallet, have dealt a severe blow to the industry. These events, which involve fraud, market manipulation, or malicious attacks, not only tarnish the reputation of the crypto industry but also raise concerns among investors and users.

Integrity is at the heart of finance. Benjamin Franklin, a famous American scientist, and politician, once emphasized that “credit is money”. In the new era of finance represented by the crypto market, it is even more crucial to establish a trustworthy environment for crypto trading. Ensuring fairness and justice in the crypto market is essential to building a more harmonious and robust environment for crypto trading.

Building trust and credibility is vital to the long-term development and adoption of cryptocurrency. This is especially true for the ecosystem of crypto exchanges, where integrity is the prerequisite to retaining crypto users. Therefore, it lays the foundation for the sustained and stable development of exchanges and the building of user trust. So, how can exchanges uphold integrity as their core value?

First and foremost, integrity is manifested in every facet of an exchange’s commitment to securing user funds. As an exchange, CoinEx prioritizes the protection of its users’ crypto assets, necessitating robust security measures and unwavering trustworthiness. These security measures encompass the use of advanced encryption and defensive technologies, safeguarding the exchange platform and user data alike. For instance, CoinEx has recently enhanced its security system with the launch of a dedicated asset security webpage. CoinEx’s security strategy extends beyond its proprietary wallet storage system, multi-signature protocols, and real-time monitoring and alert systems. CoinEx has also formed a security team responsible for conducting strict security monitoring and risk assessments to comprehensively safeguard user funds. The establishment of trust hinges on providing clear policies for user asset management, thereby ensuring the safety and transparency of user funds. CoinEx, with its unwavering commitment to a ‘user-first’ service philosophy, views security as the bedrock of crypto trading. As a testament to this, CoinEx has instituted the CoinEx Shield Fund, a transparent mechanism designed to protect the integrity of user assets.

Secondly, integrity encompasses the protection of user data privacy. In this digital era, the importance of personal privacy protection has notably escalated, especially in the sphere of crypto trading. As a crypto trading platform serving millions of users, an exchange has access to a vast amount of personal information, including assets and data. This necessitates the implementation of stringent protective measures.

CoinEx consistently prioritizes user security, with a dedicated focus on rigorous user privacy and safety protections. It has implemented stringent data privacy controls throughout the entire CoinEx ecosystem. Furthermore, in partnership with security firm SlowMist, CoinEx has established a comprehensive and robust privacy protection mechanism. This collaboration is designed to provide reliable, full-scale protection of user privacy and security.

Lastly, integrity can guarantee industrial stability. In an ever-changing regulatory environment, integrity becomes a powerful tool for exchanges to tackle uncertainty and risks. A trustworthy exchange should actively cooperate with the authorities for self-regulation and compliance. A transparent, legal, and stable trading environment should be built to safeguard user interests and ensure the long-term development of the industry. For example, CoinEx is actively cooperating with industry partners, security firms, policymakers, and regulators to formulate comprehensive compliance plans and regulatory frameworks. This proactive approach enables CoinEx to better adapt to evolving regulations and build a sustainable path forward for the crypto industry.

As a growing number of enterprises and individuals adopt cryptos, coupled with the progress of blockchain technology and the fast development of other blockchain-based platforms, the crypto market is expected to maintain growth in the following years. In the ever-changing crypto market, fluctuations and adjustments are inevitable. Integrity plays a key role in establishing a sustainable, trustworthy, and innovative crypto ecosystem that will benefit users and exchanges in the long run. In conclusion, all stakeholders in the crypto industry, including investors, exchanges, and project teams, should keep in mind that integrity matters more than profits. Only with integrity can we lay a solid foundation for the long-term, healthy development of the crypto industry.

About CoinEx

Founded in 2017, CoinEx is a global cryptocurrency exchange committed to making trading easier. The platform provides a range of services, including spot and margin trading, futures, swaps, automated market maker (AMM), and financial management services for over 5 million users across 200+ countries and regions. Since its establishment, CoinEx has steadfastly adhered to a “user-first” service principle. With the sincere intention of nurturing an equitable, respectful and secure crypto trading environment, CoinEx enables users to effortlessly access the world of cryptocurrency by offering easy-to-use products and services.