With the Philippines in the spotlight due to the recent crackdown on illegal Bitcoin businesses, one of the biggest ways to earn money is by trading cryptocurrencies on the local Bitcoin Exchange.
The Philippine cryptocurrency exchange platform BTC-E is well known for its easy-to-use platform and the fact that it allows users to buy, sell and trade cryptocurrencies.
But this platform has also come under fire due to its lack of transparency in regards to its policies regarding cryptocurrency users.
The company was recently hacked and over 20,000 BTC-e users lost their funds.
Since its launch in August of this year, BTC-ee has made efforts to update its policies and guidelines.
This included updating the site to include a disclaimer stating that Bitcoin transactions are not tax exempt.
According to a spokesperson for BTC-EE, the exchange has been transparent in regards of cryptocurrency users and is committed to providing users with the most up-to to date information regarding the cryptocurrency markets in the country.
This means that users will receive notification when a trade or sale is scheduled.
BTC-ees website also offers the option to add the cryptocurrency to a basket of fiat currencies.
As a Bitcoin user, I would love to see more transparency and transparency regarding these types of decisions.
But BTC-es transparency policy is not perfect.
According to a statement issued by the exchange, the site will only offer the most current and complete information regarding cryptocurrency markets.
This includes the fact of Bitcoin exchanges operating in the region and the latest exchange rates and market data.
This statement does not mean that BTC-eb has not done their research in regards the cryptocurrency market in the nation.
However, BTCE should have been transparent enough to include information regarding Bitcoin exchanges in the platform.
Additionally, BTCEE should have included information regarding BTC-echanews listing on the site.
BTCE has not, in fact, updated the listings to include listings on BTC-ec.
This is an important distinction.BTC-E does not list the most popular cryptocurrency exchanges in each province, nor does it provide the latest cryptocurrency market information.
The exchange is still lacking transparency regarding Bitcoin in the Republic of the Philippines.
BTCEs policies are an embarrassment to the cryptocurrency community.
As the country becomes more and more aware of Bitcoin as a legitimate and legitimate currency, more and the more Bitcoiners are looking for new ways to make money, this is a critical moment.
BTCees lack of information regarding cryptocurrencies will only encourage Bitcoiners to move towards alternative financial solutions like Litecoin and Bitcoin Cash.
This article originally appeared on CoinDesk.