NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin, Ethereum, And XRP In Freefall: What’s Driving The Current Crypto Slump?

FGC on Security: We know our customers and our customers know us

newsbtc
newsbtc
1 year ago
4 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Those of us involved in the cryptocurrency space right now are all certified early adopters and we wear that badge with great pride. We are individualists, a bit edgy and a bit libertarian. Because of this, companies like First Global Credit that take a hard line on the Know Your Customer rules withstand a lot of criticism. Cryptocurrency aficionados do not like the fact that we are legally compelled by international convention to understand who we do business with. But I will tell you from a life-long responsible relationship with my money (crypto or otherwise), it makes sense knowing who is on the other side of monetary transactions.

That is why when First Global Credit was founded in 2014 we published the identity of everyone on our management team. It seemed only fair if we demanded transparency from our customers that we in turn would be equally transparent with them. It would seem that in the aftermath of the Bitfinex hack the sentiment of the rest of the bitcoin market are suddenly in step with our own as the numbers of customers signing up and immediately KYC’ing their live trading accounts on our bitcoin backed, stock, futures and FX trading platform have increased four times the usual level over the past 7 days.

At a cursory inspection it may seem eminently fair that Bitfinex’s founders have taken the view to spread losses over their entire pool of customers. But if you think about this critically, it wasn’t the customer’s fault that permitted an automated, unchecked process at BitGo to release funds to points unknown. And given that the identity of Bitfinex’s management is not generally known, it makes it much easier for the culpable to hide until the heat dies down. Perhaps giving the go ahead on ill-conceived policies like this would have been deliberated on with greater care if the decision makers knew they would be identified as responsible?

My thinking is that these issues with Bitfinex have raised the question of what kind of accountability you can expect from vendors that use their customers’ penchant for anonymity as a cloak that they themselves can hide behind? (Doubly bizarre since Bitfinex follows the KYC conventions for their customers to reveal their identities.) This kind of thinking is logically followed by the realization that platforms offering anonymity or exchanges that automate withdrawals (a thing you NEVER see in conventional online brokerages) are perhaps not the most trustworthy place to store capital. With anonymity not only is it very easy for a financial service business, its website and its founders to disappear if things suddenly go wrong, it also makes it much harder to make a bid to reclaim capital yourself after a hack if you have no way of proving that it was your money stolen in the first place!

We cryptocurrency advocates consider the sanctity of personal information inviolable but the standard for company founders is and should be different. If you choose to do business with companies that hide the identities of their founders creating an opportunity to avoid responsibility, you, yourself are equally as culpable. I believe strongly, as many in crypto do in the principle of personal responsibility which is why I know that people who do not stand behind what they are selling are looking to avoid the consequences of poor decisions.

Having recognized that anonymity is not desirable in a business where client assets are involved I would suggest substituting the goal of anonymity with the selection of business partners that show a high regard for the personal privacy of clients as we do at First Global Credit. Choose business partners domiciled in jurisdictions that share your values. Make sure that the jurisdiction follows rule of law and the concept of search and seizure as it existed before the panics of the last decade. A blanket request for all customer data is simply not acceptable. If a government feels that there is criminal activity associated with an account, the proper course of action is to obtain a warrant through an objective legal system only after due process has been exercised.

Customers have a responsibility as well where the security of their assets are involved. Do not complain if your financial service company uses manual processes for withdrawal.  Consider multiple layers of validation for transactions over a certain level simply a cost of doing business that is there to protect you as well as your service partner. Restrict your financial dealings to companies that you have vetted to make sure that they have a serious approach to not only maintaining security but validating processes regularly to make sure your service partner stays as far ahead of thieves as humanly possible. But at the core of all these measures lies transparency which should do much to facilitate trust between customer and service provider.

Those of us involved in the world altering cryptocurrency markets are absolutely ahead of the curve. We are doing exciting things, making the fiscal world more equitable, creating opportunities that will remove money from the hands of bankers and put it back in the hands of people who worked for the assets in the first place. Bringing opportunity to populations that have been abused by their governments for far too long. That’s pretty exciting stuff! But these paradigm changes do not mean that the sensible precautions that are part of the conventional financial markets should be ignored.

First Global Credit:

First Global Credit is the world’s first finance company that offers a broad range of investment and profit opportunities for digital currency holders. From mainstream stock, ETF and futures trading backed by cryptocurrency collateral to cryptoasset trading, First Global is breaking new ground by offering new choices to customers. With a presence in Geneva, London and Hong Kong, the company has been founded with the objective of providing services that accept bitcoin – and ultimately other cryptocurrencies –  as valuable assets that can be used to generate a return. We deliver these services with a focus on customer care not generally found in digital currency companies. First Global is committed to assisting that our customers meet their financial objectives for their digital currency portfolios. Our systems are built using bank grade technology and security and are housed in Tier III – Financial Grade Data Centres with failover capability. At First Global Credit, and our parent company XBT Corp, we have always taken the view that while anonymity is not a reasonable goal in a financial service business, privacy is. Therefore, we domicile our companies in carefully selected jurisdictions that value privacy like we do.

The article is penned by Marcie Terman, Communication Director, First Global Credit and XBT Corp Geneva.

Tweet123Share196ShareSend
newsbtc
newsbtc

newsbtc

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

비트코인 가격 상승 가능성? 비트코인 하이퍼 프리세일에 투자자 유입 가속

비트코인 가격 상승 가능성? 비트코인 하이퍼 프리세일에 투자자 유입 가속

이달 중 비트코인($BTC) 가격이 12만 5천 달러를 넘어설 가능성이 약 25%에 달할 것이라는 예측이 분산형 베팅 플랫폼 폴리마켓(Polymarket)에 제기됐다. 다만 현 시...

Soyeon Lee 1 hour ago

Bitcoin Short-Term Holders Capitulate: 30K BTC In Realized Losses Over 24 Hours

Bitcoin is once again at a turning point as the market struggles to recover from heavy selling pressure. After losing...

Sebastian Villafuerte 1 hour ago
XRP

XRP Price Chatter Heats Up After Developer’s $4 Hint – Details

According to posts and market watchers, a return by a well-known developer has reignited talk that XRP could move higher....

Christian Encila 3 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Binance's Aster Soars 1800% in a Week Despite Market Crash: Is Bitcoin Hyper Next?

New Perpetual DEX Protocols Avantis & Aster Surge Amid Market Pullback with Bitcoin Hyper Ready to Launch

Aaron Walker 4 minutes ago
Trump crypto pensioenplan in gevaar? SEC bespreekt deadline

Trump crypto pensioenplan in gevaar? SEC bespreekt deadline

Lars Diederiksen 11 minutes ago

Previsioni Bitcoin: di Nuovo a un Punto Critico

Orfeo Barone 58 minutes ago

Premium Sponsors

Press Releases

  • ドージコイン 今後の価格予測:ウォールストリートが注目する「1ドル圏」への道

    ドージコイン...

    1 hour ago
  • Сезонът на алткойните е тук. Три фактора се очаква да задвижат ралито

    Сезонът на алткойните е тук. Три...

    1 hour ago
  • リップル 今後の価格に重大な不安要素、新たに注目すべき仮想通貨とは

    リップル...

    2 hours ago
  • 投資家から1,700万ドル超を調達した注目の仮想通貨プレセール

    ...

    2 hours ago
  • 次の市場ラリーでソラナやリップルを超える可能性を持つ1ドル未満の仮想通貨おすすめ銘柄

    ...

    2 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.