CoinTouch, a P2P Peer-to-peer cryptocurrency exchange has closed its virtual currency exchange. The exchange is concerned with the matter related to the European Union’s new General data protection Regulation (GDPR).
What is Cointouch?
Cointouch is London based exchange and commenced in the year 2014. Basically, the exchange dint charges any service fee. The founder Chris Beach operated the exchange at a loss as a service to the cryptocurrency community.
The exchange avowed website like Facebook and Google users to safely set up a P2P cryptocurrency trading within the community. If trader bids, it can be visible to the user’s friend and his mutual friends.
It ensures traders to verify the identity of their correlated partner. If in case another trader wants to fulfill an order, he can directly send a message to other users through Facebook so that parties can arrange the trade.
The statement is as follows
Breach, founder of Cointouch disclosed that shutdown has passed DDPR. It adopts new standards for individuals for securing data and introduces regulatory uncertainty that makes it risky to endure and operate exchange as a free service
I asked trusted contacts in the industry for advice on how to make CoinTouch GDPR compliant. They came back with different answers (through no fault of their own – the law is ambiguously defined), Beach adds, I concluded that I cannot justify running a free service while taking on a legal risk.
The developer of a non-profit websites says he in the process of shutting down before applying the new rules and regulations. He claims that bolstering the control of tech composite like Facebook, Google and Twitter can be affected.
Breach wrapped up his statement saying that peculiarly, these EU laws have disturbed ambiance of the small website. It aids to control the dominance of Facebook, Google, and Twitter. This can help them to prepare and fight against the established legal terms and cash reserves. It is beneficial to the firms which don’t have any competition in the market.