When Mt. Gox collapsed in 2014 it brought down not only the exchange but also $487 million of user funds disappeared, a huge blow to the industry at the time. Our co-founder, Kenneth, experienced this first hand.
Regulation isn’t a bad thing
Many cryptocurrency enthusiasts are claiming government regulation is evil and goes against the ideology of the cryptocurrency community. However, as the cryptocurrency industry grows to the tune of over $20 billion in trades daily, it is clear some regulation will do the industry good.
Regulation has worked out well in the securities industry, clamping down on fraud across the board and allowing regulators to investigate bad actors while protecting the interests of the general public. These goals would do a great deal to help the perception of the cryptocurrency industry as well as bring on more of the general public as a user base, something which would be beneficial for the entire industry.
An already compliant exchange
At ETERBASE, we believe it is important to comply with all applicable financial regulations and stay up to date on what is to come from international regulators. ETERBASE is in the process of becoming a fully regulated financial institution which will allow us to fully integrate with the Single Euro Payments Area (SEPA) system and issue International Bank Account Numbers (IBAN) across 31 European countries.
We have even made sure to comply with the newest legislation as it relates to technology and data. When the European Union announced it was implementing the General Data Protection Regulation (GDPR), we at ETERBASE were quick to implement this piece of legislation into our platform and stand by these new standards.
Cryptocurrency exchanges must be held to a certain accountability, and regulation will help ensure they do so. While other exchanges do the bare minimum to fly under the radar and stay away from legal authorities, ETERBASE ensures its customers’ security and privacy by working to be pioneers in the quest for a fully compliant exchange.