How important is transparency in crypto

[Stuart]

Transparency is important for the users or customers using a particular service or product, but in a private sector without a regulatory body to ascertain the data being publicized, then the truth might not be said to be true, or might be accepted to be true, because it was said so with no one being questioned.

Crypto exchanges that will say they are transparent to an extent are exchanges in the very top ranking, and yet, without a regulatory agency that checkmate the records provided, it can still be propaganda.

[albon]

I never see cex safe as 100% transparency to hold crypto but i can list binance, kucoin, bitget, gate etc for a limited period of trading. But i have seen a lot of information that almost all exchanges have been hacked for the past few years. But bitget is one of those rare and high quality and secure crypto exchanges that haven't been hacked since its launch in 2018. It's easy to say that cryptocurrency hacks are a common occurrence in the crypto space but you can't ignore them. Choosing a safe crypto exchange is an important decision for both beginners and experienced crypto traders.

[Aanuoluwatofunmi]

Transparency have to do with having trust, because when there's no trust, we can't have what can appear in a more confident and transparent way, the blockchain technology is what constitutes all these, we trust the network, it is reliable, immutable and well secured, though everything may appears der the open distributed ledger for public view, but cannot be altered for personal attempt.

[Z-tight]

Choosing a safe crypto exchange is an important decision for both beginners and experienced crypto traders.

Choosing a good exchange to trade crypto is very good, but choosing any exchange to store crypto is stupid from people. I don't know why some people still think they can use exchange accounts as wallets, and they are here trying to find the 'best' exchange wallet to store funds, there is none, use a self custodial wallet or use fiat.

[Bobcrypto]

Choosing a safe crypto exchange is an important decision for both beginners and experienced crypto traders.

Choosing a good exchange to trade crypto is very good, but choosing any exchange to store crypto is stupid from people. I don't know why some people still think they can use exchange accounts as wallets, and they are here trying to find the 'best' exchange wallet to store funds, there is none, use a self custodial wallet or use fiat.

Let me emphasize that both CEX exchanges that may be used as wallets for storing coin/token, and some software wallets out there are own by individuals or companies just like the CEX exchanges are own by individuals or companies.
what i am trying to explain is the  transparency of ownership; it is absolutely good to know that the importance of transparency can not be under or over emphasized Obviously, this is the common reasons why many people use some of the software wallets to store or keep their coin/tokens.

Transparency is the  bases of keeping coins on certain exchanges, just like keeping coins/tokens on software wallets like Trustwallet, metamask, Luno, Coinbase wallets etc

[Aanuoluwatofunmi]

There's need for transparency in crypto and we must be able to realized the means through how we can get them, using an exchange that is centralized may not be best for us to chose in times like this, because we are talking about transparency and the only way in which this can be achieved is by privacy and we can get it done only by the way of how we are being in control of our digital assets in crypto.

[Mr. Magkaisa]

        -      What do you expect from a centralized exchange platform in the crypto business industry we are in? How can they provide transparency if they hold our KYCs themselves, right? That's why what others say is true: not your key, not your coin.

It's really up to us whether we trust a Cex platform, we must be prepared for what can happen, so always do it at your own risk. Put the assets you can afford to lose, this is the logic that other communities in this field say.

[Mr. Magkaisa]

        -      In my opinion and knowledge we will not see any transparency in centralized exchanges, even in DEX platforms. So all I can say is that when
we use any exchange we are prepared for anything that may happen.

What I don't understand from the op is that I also want to know which exchanges he is referring to that have transparency provided
 to traders using their exchange site platform.

[bayu7adi]

We also see something similar like this in the crypto space especially with CEXs. Transparency is what a CEX needs to survive, actual numbers like an increase in trading volume, social media follower count, increase in available tokens and also presence of a security fund. Unfortunately only few exchanges are transparent with this numbers but it is what it is

Their transparency is limited, even in some cases they only intend to shilling with their services that seem quite good... whereas there are several other things that we cannot access on their services, especially CEX...

Seeing the needs of many people today who only want to trade and seek profit, then they will not care about security such as excessive transparency... trust in the platform I think is a strong reason why they choose to continue using services from CEX... even though its transparency is limited, it still provides convenience for its users... so that's not a problem according to most people

CMIIW