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Decentralized exchange (DEX) Uniswap’s recently updated privacy policy appears to have attracted the ire of some members of the community, with concerns that collecting and storing user data works against crypto’s core values.\u00a0<\/p>\n
In recent responses to a November\u00a0blog post<\/a> regarding its updated privacy policy, some vocal members of the community suggested it i uncharacteristic for a decentralized entity to collect and store information about its users.<\/p>\n In the Nov. 11 post from Uniswap Labs, released around the time of FTX\u2019s collapse, the decentralized exchange released its privacy policy to explain how it collected and stored user data<\/p>\n \u201cWith innovations around blockchain, web3 aims to reclaim users\u2019 privacy and choice after decades of internet businesses that have eroded it.\u201d<\/p><\/blockquote>\n \u201cThat\u2019s why we\u2019re releasing a new Privacy Policy today \u2013 we want to be crystal clear about what data we\u2019re protecting and how we use any data we collect. Transparency is key. We never want our users to be surprised,\u201d it said.<\/p>\n This privacy policy, which was last updated on Nov. 17 reveals that the exchange collects publicly-available blockchain data, information about user devices such as browser information, and operating systems, and information about users\u2019 interactions with its service providers, among others.\u00a0<\/p>\n Uniswap also stated that none of this information includes personally identifiable information such as first name, last name, street address, date of birth, email address or IP address. <\/p>\n Despite this, some in the crypto community have shared concerns that the moves are in contrast to crypto’s core values, which are focused on user privacy and anonymity.\u00a0<\/p>\n The team behind privacy-preserving cryptocurrency Firo argued in a Nov. 21 Twitter post to its 83,700 followers that Uniswap\u2019s privacy update sets a \u201cdangerous precedent\u201d for DEXs: <\/p>\n While we have the utmost respect in what @Uniswap<\/a> has built, we strongly reject the incorporation of data collection to track user behaviour and onchain activity. This sets a dangerous precedent for DEXes. https:\/\/t.co\/h4kCiQKtl7<\/a><\/p>\n \u2014 Firo $FIRO (@firoorg) November 21, 2022<\/a><\/p><\/blockquote>\n OwenP, an affiliate for the DEX SpookySwap suggested<\/a> that it was uncharacteristic for a decentralized exchange to collect and store user information on the backend.<\/p>\n “We were contacted […] by an infrastructure provider once who asked about our backend and what info we kept we were shocked by the question. ‘None of course’ [was] the answer.”<\/p>\n Meanwhile, Twitter user \u201cCryptoDavid\u201d also noted<\/a> to his 12,000 Twitter followers on Nov. 21 that he wasn\u2019t surprised by Uniswap’s decision, as other DEXs have also started doing the same thing.<\/p>\n Related: <\/em><\/strong>Digital sovereignty: Reclaiming your private data in Web3<\/em><\/strong><\/a><\/p>\n Transparency has emerged as a buzzword in the industry following the collapse of crypto exchange FTX<\/a> earlier this month. <\/p>\n Other crypto entities that have recently pledged towards \u201ctransparency,\u201d including implementing \u201cproof-of-reserves\u201d<\/a> in the case of centralized exchanges, include Kraken, Bitmex, Coinfloor, Gate.io and HBTC who\u2019ve already completed audits. <\/p>\n Binance, OKX, KuCoin and a host of other exchanges also plan on doing the same.<\/p>\n<\/div>\n\n