I’ve labored at a number of totally different centralized exchanges over time and I’ve seen some attention-grabbing practices that are supposed to reduce consumer error or the consumer change into a sufferer of a hack.
Having an EULA that claims, “We personal your crypto whether it is on our trade. You don’t personal your crypto whether it is on our trade.” will not be adequate. I’ve a greater suggestion.
The final concept: Whatever the trade, when you have a sum of crypto that’s above the minimal withdrawal limits on the trade, then the trade is obligated to provide you a notification if you log-in. This notification **is required to be displayed on display screen for 10 seconds. The consumer can not shut the notification for 10 seconds.** The notification will clearly show a message that claims, “You’ve a big quantity of crypto-assets on our trade. If you don’t withdraw these crypto-assets to your individual pockets off, then you don’t truly personal these crypto-assets, they usually could also be prone to theft by nefarious actors. We could or will not be held accountable for theft of your crypto-assets relying on the place you reside. Please learn extra info right here (insert hyperlink) about how one can safely retailer your crypto belongings and click on right here (insert hyperlink) to see examples of earlier incidents the place customers misplaced funds held on cryptocurrency exchanges.”
The proposed notification above will seem no more than as soon as each week upon consumer login and never lower than 4 occasions each month a consumer logs in. The customers of those exchanges then would not have any excuses or logical authorized recourse in the event that they lose funds on such an trade. Final however not least, I suggest that this notification would seem if a consumer has an quantity of cryptocurrency that’s above the minimal withdrawal quantity on a centralized trade.