{"id":5180,"date":"2023-05-30T10:03:41","date_gmt":"2023-05-30T14:03:41","guid":{"rendered":"http:\/\/leadingcryptonews.com\/why-are-crypto-firms-dodging-the-transparency-question\/"},"modified":"2023-05-30T10:03:41","modified_gmt":"2023-05-30T14:03:41","slug":"why-are-crypto-firms-dodging-the-transparency-question","status":"publish","type":"post","link":"https:\/\/leadingcryptonews.com\/why-are-crypto-firms-dodging-the-transparency-question\/","title":{"rendered":"Why Are Crypto Firms Dodging the Transparency Question?"},"content":{"rendered":"


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A survey has revealed major crypto industry players are dodging basic questions about transparency<\/strong> and misusing the \u201cdecentralization\u201d tag to conceal details of their activities.<\/strong><\/p>\n

According to a Financial Times survey, some of the crypto industry\u2019s flag-bearers are dodging to clarify their business practices. The publication claims to question 21 Web3 businesses. <\/p>\n

Crypto Transparency Survey<\/strong><\/h2>\n

Out of them, eight businesses refused to provide even basic pieces of information.<\/p>\n

The questions revolved around the headquarters locations, regulators, board of directors, and auditors. Some business practices were also questioned, such as the segregation of funds, lending clients\u2019 assets, and trading and custody activities.<\/p>\n

Companies have often faced accusations of using the \u201cdecentralization\u201d tag to avoid being regulated under particular jurisdictions. While some businesses have established their headquarters, others have yet to clarify.<\/p>\n

The screenshot below shows the responses in a visual representation.<\/p>\n