12. Security and Anonymity
At Tradenly, we prioritize security and anonymity for all of our users. We understand that in the rapidly evolving world of cryptocurrency and decentralized finance (DeFi), privacy is crucial. As such, our platform is designed to ensure that user data is handled with the highest standards of confidentiality, while also adhering to legal requirements to maintain compliance.
Privacy Commitment
We are committed to protecting our users' privacy and do not collect Know Your Customer (KYC) information. The platform operates in a self-custodial manner, meaning that users remain fully in control of their funds at all times. We provide the tools and opportunities for users to engage in cross-chain trading, portfolio management, and staking activities, but the actual management of funds always stays in the hands of the user.
Key Privacy Features:
No KYC: We do not collect or require KYC information for using the platform, ensuring that your identity remains anonymous.
Self-Custodial: Users maintain control of their private keys, ensuring full ownership and security of their assets at all times.
No Usernames or Personal Identifiable Information (PII): We do not ask for or store any usernames or personal information outside of what is necessary for the functionality of the platform.
Data Collection for Compliance
While we do not collect personal information, we do track certain data points to meet legal obligations. This is mainly due to our integration with Fixed Float for atomic swap transactions, which necessitates the tracking of orders and IP addresses. This is in accordance with Anti-Money Laundering (AML) regulations and is necessary to comply with law enforcement requests.
Order Tracking and IP Addresses: For transactions made through the atomic swap bridge, we do log basic order details and IP addresses. This data is only collected for AML compliance and to ensure that transactions can be traced if required by law enforcement. However, we do not collect any usernames or other personal details beyond what is necessary for these purposes.
Data Retention and Privacy:
Limited Data Storage: Any data that is collected is only stored for the period required for compliance and is never used for any purpose beyond that scope.
Security Measures: All sensitive data, including IP addresses and transaction records, are encrypted and stored in a secure manner to prevent unauthorized access.
Regular Security Audits
We take the security of our platform and our users' data seriously. As part of our commitment to maintaining a secure environment, we undergo regular security audits conducted by third-party security experts. These audits focus on identifying and resolving any potential vulnerabilities within the platform, including but not limited to:
Smart Contract Audits: To ensure that all deployed smart contracts are secure and free from potential exploits or vulnerabilities.
Platform Vulnerabilities: Regular checks on the overall security of the platform to prevent any breaches or unauthorized access.
Bridge Security: Special attention is given to the atomic swap bridge, ensuring that cross-chain transactions are carried out securely and that users' funds are always protected.
Security Practices and User Safety
We implement several security practices to protect our users’ funds and data:
Encryption: All communications between the user's browser and the platform are encrypted using SSL/TLS protocols, ensuring the confidentiality of all data in transit.
Two-Factor Authentication (2FA): For users who wish to enhance their account security, we offer 2FA to add an extra layer of protection when accessing the platform or making significant changes (Future implementation).
Decentralized Model: Since our platform is self-custodial, users have full control over their private keys, minimizing the risks associated with centralized exchanges where funds can be vulnerable to hacks.
Transaction Transparency: While we do not collect user PII, all transactions made on the platform are transparent and viewable on the respective blockchain for auditability.
No Centralized Custody: We do not hold users’ funds, ensuring that we are not a target for potential hacks. Users can engage with our platform at their discretion, making all transactions and trades directly from their wallets.
Compliance and Legal Considerations
While we prioritize privacy, we are also committed to ensuring that our platform is in compliance with applicable laws, particularly those related to AML and combating the financing of terrorism (CFT). As part of our compliance measures:
We cooperate with law enforcement as required by applicable laws. This includes providing transaction records and order details when requested.
We integrate with services like Fixed Float to ensure liquidity provision while maintaining AML compliance.
We will not use or share any personal data beyond what is required by the law.
Future Considerations
As the regulatory landscape for cryptocurrencies continues to evolve, we will stay updated and adjust our practices accordingly to ensure we maintain compliance while prioritizing user privacy and security. This may include exploring privacy-preserving technologies, such as zero-knowledge proofs (ZKPs) or other privacy-enhancing features that allow us to meet regulatory requirements without compromising on the anonymity of our users.
At Tradenly, our goal is to provide a secure, private, and user-controlled platform for all our users. We believe in the self-custodial nature of cryptocurrency and DeFi, where users have the power to make their own financial decisions without unnecessary exposure or data collection. Our commitment to security and anonymity ensures that users can trust us to keep their data and funds safe while providing them with the best tools to succeed in the crypto market.
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