InstaCrypto always believed that private keys play a very important role when it comes to the ownership of the crypto. This is why InstaCrypto never holds the private keys of it’s users cryptocurrency. Users are free to choose and use their own wallets that gives them services / features that they are most comfortable with. A user thus has complete security and autonomy when it comes to the ownership of their cryptocurrency.
Recently, there have been a lot of issues and concerns with cryptocurrency exchanges that claim to keep your crypto safe. These may however not always be the most reliable since exchanges may use tactics like price manipulation or using its coin reserves to fund their day to day operations. (Check a tweet by VinnyLingham “Not you key, not your coin”
Holding on to users cryptocurrency is not only risky for the users of an exchange but can be detrimental to the exchange as well as in the case of “Igot”. Coinsecure also suffered a huge loss when it’s users crypto was lost due to hacking.
There was recent tweet from @CryptoKanoon, who provided some great info related to the legality and regulations of cryptocurrency in India.
“If an exchange uses private keys without user’s permission and manages his funds for wrongful gains like ‘Pump & Dump’, it amounts to hacking, Identity theft and Cr. breach of trust punishable under Sections 66 & 66C of ITA and 409 of IPC. Max. punishmnt- Imprisonment fr life”.
In light of these facts, Instacrypto not only provides the freedom to its own users to choose their own wallets. Its various affiliates like the “InCryptoWeTrust” meetup, continuously encourages and educates all crypto users on how to keep their crypto safe and even create their own wallets!
Explore InstaCrypto: the exchange with a change!