Crypto-Collapse Resumes After Japan's Largest Exchange Halts Account Creation
Shut down to install money laundering detection.
There is a certain synergy to checking money launders and detecting hacks. I would hope that the shut down of new accounts leads to a double checking of the 'key path', is it unobservable by humans and, are keys held under kernel managed address space? Is there a notary check to verify a bid is placed and the exchange acquited the insurance function?
Remember the legals. The exchange wants to guarantee the power of attorney transfer, from trader to a bot, they insure that path but never take ownership of funds.
Once the bid and bot have PoA, then they are in a black box at the exchange. The black box is not an asynchronous access web node, it is a mechanical machine under complete control of the exchange.
The exchange has a legal market making bot. That bot may not be exposed and available for inspection, but the conditions and operations of the market bot and via private contract between trader and exchange. This is a separate contract from the guarantee for PoA. The best proof here is that exchange produces the even money trading bot.
Remember the legals. The exchange wants to guarantee the power of attorney transfer, from trader to a bot, they insure that path but never take ownership of funds.
Once the bid and bot have PoA, then they are in a black box at the exchange. The black box is not an asynchronous access web node, it is a mechanical machine under complete control of the exchange.
The exchange has a legal market making bot. That bot may not be exposed and available for inspection, but the conditions and operations of the market bot and via private contract between trader and exchange. This is a separate contract from the guarantee for PoA. The best proof here is that exchange produces the even money trading bot.
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