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Author Topic: We've updated our Terms of Service - Every service why?  (Read 52 times)
mobnepal
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May 18, 2018, 11:47:06 AM
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I am getting email about terms of service update from like more than tens of sites (both bitcoin related trading platforms to non crypto related sites including google) within last few days. Why every service is updating their terms of service specially things regarding privacy policy and taxation rule (in crypto) just in a single week. Its just a coincidence or is it linked to any recent major data leak?? or its just to keep user happy who are concern about their privacy and keep government happy through increased surveillance and taxes.
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May 18, 2018, 12:15:50 PM
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I am getting email about terms of service update from like more than tens of sites (both bitcoin related trading platforms to non crypto related sites including google) within last few days. Why every service is updating their terms of service specially things regarding privacy policy and taxation rule (in crypto) just in a single week. Its just a coincidence or is it linked to any recent major data leak?? or its just to keep user happy who are concern about their privacy and keep government happy through increased surveillance and taxes.

Perhaps this has something to do with the new online data protection rules in the European Union.
It`s called the GDPR(general data protection regulation) and it will come into effect on May 25th.
Nothing serious,just all the crypto trading platforms and other online services have to put more efforts in protecting our presonal data.

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May 18, 2018, 03:31:12 PM
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Yep, it’s all due to the GDPR and most companies are sending emails so as to comply with it (or face a pretty hefty fine if they don’t). In essence, its just a regulation that’s to take effect on the 25th of May that gives users more control over their data, with things like pre-ticked boxes on site registrations and requests for consent being hidden no longer acceptable. It’s mostly the fines that are motivating sites and services to send these emails out.

If you’re looking for more information on the GDPR, this site here is the first I found upon searching about the GDPR, and the information on the site is mostly correct. I’d highly suggest doing your own research through a search engine to find more information about the GDPR if you’re interested in it.

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buwaytress
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May 18, 2018, 06:06:37 PM
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GDPR's definitely one of the reasons, it's due for implementation in a week's time on 25th, but it's also a lot to do with the recent acceptance of the EU to recognise crypto exchanges as payment service providers - thus requiring them to follow the same AML procedures as typical payment processors and banks do. It's a step towards legitimisation, sure, but a step away from what cryptocurrencies aimed to do (provide an alternative form of money away from conventional finance and banking).

Time to wisen up guys.

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May 18, 2018, 10:59:24 PM
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I am getting email about terms of service update from like more than tens of sites (both bitcoin related trading platforms to non crypto related sites including google) within last few days. Why every service is updating their terms of service specially things regarding privacy policy and taxation rule (in crypto) just in a single week. Its just a coincidence or is it linked to any recent major data leak?? or its just to keep user happy who are concern about their privacy and keep government happy through increased surveillance and taxes.

Interestingly, yesterday, I received an email from an Australian exchange saying that GST is now applicable on certain transactions within their service. They operate from the UK I think, though.

I think there has just been a pretty big overhaul in the EU's rules regarding privacy and all that. Plus, the regulatory pressures surrounding exchanges have tightened as well, particularly in the EU where a lot of bitcoin services are located. That's the primary reasons why you're seeing such a big amount of services updating their Terms and Conditions.

GDPR's definitely one of the reasons, it's due for implementation in a week's time on 25th, but it's also a lot to do with the recent acceptance of the EU to recognise crypto exchanges as payment service providers - thus requiring them to follow the same AML procedures as typical payment processors and banks do. It's a step towards legitimisation, sure, but a step away from what cryptocurrencies aimed to do (provide an alternative form of money away from conventional finance and banking).

Time to wisen up guys.

Precisely, all of this are a double edged sword.

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