ASX Warns Risk Of Centralized Crypto Exchanges In Australia

Australia’s stock market operator ASX warned about the risks that are associated with the centralized Cryptocurrency exchange. They mainly talked about the cyber security issues which are not enough to protect the custody.

According to ASX, Australian Stock Market Operator, the Centralized Cryptocurrency exchanges have full trust with the investors/traders and also users have for exchange. But here it should be noticed here, all the transactions during the trade activities of the users is not safe because the private key of digital assets are in the hands of Exchange. 

A user of these services should have to go with the trust of exchange. But these Exchanges are not able to achieve that level of security against a cyber attack to provide custody security.

So there is a biggest major issue of cyber attacks associated with these centralised Cryptocurrency exchanges. And government authorities of Australia should take suitable action to regulate such things from the point of Security & safety, so that Australian users can get better custody of their digital assets at crypto exchanges.

The ASX taken preference of the cyber attack cases report of Atlas VPN, where they reported 122 cyber attacks on blockchain based platforms which were responsible for $3.78 billion of loss. 

Read also: 5 BIGGEST EXCHANGE SCAMS IN CRYPTOCURRENCY HISTORY

The ASX claimed that Crypto Exchanges are very vulnerable and they can easily be caught by cyber attack and this issue should be taken into serious serious challenges. 

The ASX recommended to impose some new core standards guidelines & requirements for these Cryptocurrency so that they can ensure their security against cyber attack. 
ASX submitted all these queries, that they are seeing from their own point of view, to the country’s Senate Select Committee on Australia as a Technology and Financial Center.

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