Ahead of several exciting upcoming releases, Uniswap released Uniswap Labs’ Privacy Policy to explain how it protects user privacy and data.
The crypto exchange firstly released its privacy policy on November 11, 2022 which explains about how it collected and stored user data, “With innovations around blockchain, web3 aims to reclaim users’ privacy and choice after decades of internet businesses that have eroded it,” Unisewap added.
The crypto exchange gave the reason for releasing the new privacy policy and noted that “We’re releasing a new Privacy Policy today – we want to be crystal clear about what data we’re protecting and how we use any data we collect. Transparency is key. We never want our users to be surprised.”
Modified Privacy Policy of Uniswap Labs
On November 17, 2022, Uniswap modified Privacy Policy (the “Policy”) in which Uniswap explained how Universal Navigation Inc. collects, uses, and shares data in connection with the Uniswap web app (app.uniswap.org), www.uniswap.org website and all of the other properties, products, and services (the “Services”).
In the modified privacy policy, Uniswap clarified that not any of the information includes information such as first name, last name, street address, date of birth, email address or IP address.
Still, some crypto community raised the concerns that the steps are in contrast to crypto’s core values and are focused on user’s privacy and anonymity.
Crypto Community’s Concerns
It must be noted that Firo, a Privacy Centric Cryptocurrency and Ecosystem, represents a reason that says “they strongly reject the incorporation of data collection to track user behavior and on chain activity and additionally this sets a dangerous precedent for DEXes.
OwenP, an affiliate for the DEX SpookySwap showed the disappointment that was not surprising and said “We were contacted SpookySwap by an infrastructure provider once who asked about our backend and what info we kept and we were shocked by the question. “None of course” the answer..”
A Twitter user, CryptoDavid, further mentioned that he wasn’t surprised by Uniswap’s decision, as other DEXs have also started doing the same thing.
After the fall of crypto exchange FTX earlier this month,transparency has emerged in the entire crypto industry. While some other crypto entities also have recently pledged toward “transparency,” which includes implementing proof of reserves in the case of centralized exchanges, like Kraken, Bitmex, Coinfloor, Gate.io and HBTC, and have already completed the audits.
Meanwhile, some of the other top crypto exchanges are also planning to do the same.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing
Source: https://www.thecoinrepublic.com/2022/11/24/uniswap-released-new-modified-privacy-policy-after-ftx-fallout/