Crypto Exchange UEEx Unveils Compensation Policy for Users Impacted by Market Irregularities

Summary: The digital asset trading platform said the new compensation policies demonstrate its commitment to providing users with a secure and reliable trading environment.
Quick take:
The new policies ensure users are compensated against abnormal volatility while securing their assets.
Users will first need to report an abnormal volatility event to the UEEx team for review and verification of relevant transaction data.
Upon event confirmation, users are compensated for the losses incurred commensurate with platform rules, with compensation amounts credited directly to affected accounts.
UEEx, a leading digital asset trading platform has introduced new comprehensive policies for compensating users affected by abnormal market volatility.
The crypto exchange platform said Tuesday that the policies demonstrate its commitment to providing users with a secure and reliable trading environment. The policies also ensure the security of users’ assets.
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This move comes as the volatility of digital asset markets continues to catch users off guard, especially under extreme market conditions, where prices may suddenly show abnormal fluctuations, a phenomenon known as a “flash crash,” UEEx
wrote
.
The company believes such abnormalities are caused by market manipulation or temporary liquidity shortages, which can result in unnecessary losses for some users.
To continue maintaining fairness and transparency in the market, when an abnormal volatility event occurs, the platform conducts thorough data analysis and event investigations to identify the cause of abnormal fluctuations. Affected accounts are reimbursed if a market anomaly or technical issues are confirmed as the source of the fluctuations.
“Through this process, we ensure that users’ losses are reasonably compensated while enhancing market stability and user confidence,” UEEx wrote.
To be compensated, users will first need to report an abnormal volatility event to the UEEx team for review and verification of relevant transaction data.
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The UEEx platform leverages a multi-layered security system including multi-level encryption, cold wallet storage, and multi-factor authentication to protect users assets.
However, the platform believes that even this may not be enough with the minimal risk of hacking or theft also likely to result in asset theft. To address this risk, the company has developed an asset protection risk that compensates users for losses incurred following theft or hacks not linked to personal errors.
Users must submit a detailed report of a security incident to customer service for investigations, upon which if verified and confirmed, they are compensated partially or fully depending on the circumstances.
Some of the requirements for compensation include enabling two-factor authentication in their account log-ins, regularly updating passwords and avoiding clicking links before verifying the sender’s identity.
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