{"id":515829,"date":"2022-11-25T16:10:00","date_gmt":"2022-11-25T13:10:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/heres-how-centralized-exchanges-aim-to-win-back-users-after-the-ftx-collapse\/"},"modified":"2022-11-25T16:10:00","modified_gmt":"2022-11-25T13:10:00","slug":"heres-how-centralized-exchanges-aim-to-win-back-users-after-the-ftx-collapse","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/heres-how-centralized-exchanges-aim-to-win-back-users-after-the-ftx-collapse\/","title":{"rendered":"# Here&#8217;s how centralized exchanges aim to win back users after the FTX collapse"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a25b2ae88561\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a25b2ae88561\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/heres-how-centralized-exchanges-aim-to-win-back-users-after-the-ftx-collapse\/#%E2%80%9D_Heres_how_centralized_exchanges_aim_to_win_back_users_after_the_FTX_collapse_%E2%80%9C\" >&#8221; Here&#8217;s how centralized exchanges aim to win back users after the FTX collapse &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Heres_how_centralized_exchanges_aim_to_win_back_users_after_the_FTX_collapse_%E2%80%9C\"><\/span>&#8221; Here&#8217;s how centralized exchanges aim to win back users after the FTX collapse &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvY2MxMTVjNTQtODZjNi00N2RmLTk2MDEtYmE3ZjRmMjViZDc4LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5129e2ea>Centralized crypto exchanges play a huge part in the crypto trading ecosystem. However, the FTX collapse showcased how difficult it is to trust exchanges with user funds. Despite this, crypto trading platforms continue to believe that they can win back the community\u2019s trust.\u00a0<\/p>\n<p>Speaking to Cointelegraph, executives from crypto exchanges OKX, Gate.io and Bitpanda shared their insights on how trading platforms can recover from the effects of the FTX debacle. <\/p>\n<p>According to Dion Guillaume, an executive at Gate.io, transparency in terms of custody of user assets has become of vital importance. Guillaume told Cointelegraph that this also motivated their platform to open source their proof-of-reserves method using Merkle Tree verification to be available for other industry leaders to use. He explained that: <\/p>\n<blockquote><p>\u201cI think over the last two weeks it&#8217;s become more and more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>arent that crypto exchanges need to operate with more transparency, especially with regards to the custody of user assets and Proof-of-Reserves.\u201d<\/p><\/blockquote>\n<p>Apart from this, Guillaume also believes that the industry will be able to recover in time. Pointing out other \u201cblack swan\u201d events, the executive noted that the crypto industry remained resilient over the last decade. \u201cThe market may take some time to recover, but it will likely come back stronger than before,\u201d he added. <\/p>\n<p>Eric Demuth, the co-founder and CEO of crypto exchange Bitpanda, called on exchanges to prioritize customers and be more transparent. \u201cThey need to stop trying to sell a dream,\u201d he said. Demuth explained that: <\/p>\n<blockquote><p>\u201cWe need to stop telling people to trust us and give them an actual reason to. Investors aren\u2019t stupid, and they are now more suspicious of our industry than ever.\u201d<\/p><\/blockquote>\n<p>Apart from this, the Bitpanda CEO believes that the space will eventually recover from the effects of the FTX collapse. According to Demuth, there is no quick fix and the players that are left in the space must keep working toward a sustainable regulated and responsible future.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>CoinMarketCap launches proof-of-reserve tracker for crypto exchanges<\/em><\/strong><\/p>\n<p>Lennix Lai, an executive at crypto exchange OKX, also echoed the sentiments on transparency. According to Lai, transparency is important in rebuilding user trust. The executive highlighted that measures have to be taken both on the retail front and the institutional front. <\/p>\n<p>In retail, Lai pointed out the importance of allowing users to self-verify that assets are 100% backed by reserves. On the institutional side, the executive noted that organizations must find ways to give clients greater visibility. He explained that: <\/p>\n<blockquote><p>\u201cThis self-verification feature means that even if we wanted to, there would be no way for us to comingle user funds since we are operating with complete transparency.\u201d<\/p><\/blockquote>\n<p>Apart from this, the OKX executive also highlighted the importance of self-custody. Lai noted that their firm believes in the motto \u201cnot your keys, not your crypto.\u201d He said that the trading platform encourages users to self-custody their assets. <\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/here-s-how-centralized-exchanges-aim-to-win-back-users-after-the-ftx-collapse\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Here&#8217;s how centralized exchanges aim to win back users after the FTX collapse &#8220; Centralized crypto exchanges play a huge part in the crypto trading ecosystem. However, the FTX collapse showcased how difficult it is to trust exchanges with user funds. Despite this, crypto trading platforms continue to believe that they can win back&#8230;<\/p>\n","protected":false},"author":1,"featured_media":515830,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTEvY2MxMTVjNTQtODZjNi00N2RmLTk2MDEtYmE3ZjRmMjViZDc4LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[81962,74894,74860,75917,132424,117],"class_list":["post-515829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitpanda","tag-blockchain","tag-cryptocurrency-exchange","tag-exchanges","tag-okx","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=515829"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/515829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/515830"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=515829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=515829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=515829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}