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OpEdNews Op Eds    H2'ed 11/4/19

Crypto Banking and Binance - what really happens to your funds and data

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The violations have only piled up since this report. Investigations have since opened a myriad of concerns in trading including "abusive and manipulative trading" though the use of bots and invasive algorithms, as well as the proven failure to safeguard user funds.

Chinese firms and US customers

Chinese firms have struggled to keep up appearances as reliable tech partners while Americans are hesitant to put their faith and data into what they perceive as a volatile and compromising environment. The Huawei proceedings are one of many espionage-themed incidents involving Chinese tech firms.

The issue of data mismanagement is a fear known to many Americans. On a political angle, over 68% of Americans say they cannot trust the Chinese government. The White House narrative has only exacerbated this sentiment, as we pass nearly 6 months in the trenches of the trade war.

Huawei has been facing over 23 major indictments and allegations for committing bank and wire frauds, in addition to doing business with US-sanctioned Iran. The founder of the telecom giant, Ren Zhengfei, was an engineer for Chinese People's Liberation Army in the 1980s, and many worry that Huawei is a long arm of the Chinese government.

This distrust is not unfounded. A history of Chinese hacking has plagued American consumers in the past. The famous "Cloud Hopper" hack reached its peak as Chinese hackers broke into the networks of major technology service providers. IBM, Ericsson, and Hewlett Packard were part of the many victims as user data and industrial secrets were severely compromised.

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