As a consequence of decentralized exchange (DEX) Uniswap’s recently revised privacy policy, it appears that some users are not satisfied with the service. These people are concerned that the practice of collecting and storing user data violates the core ideas behind cryptocurrencies.

Some vocal members of the community responded in recent days to a blog post that was written in November and posted on the website to announce an updated privacy policy for the organization. You have mentioned in your comments that it is rare for a decentralized company to obtain and retain information about its users. This is something they have declared.

Being open and honest is really necessary.

There it was stated that they did not want any of their clients to be surprised at any time.

This privacy policy, which was last updated on November 17, reveals that the exchange collects publicly available blockchain data, information about users’ devices such as browser information and operating systems, and information about user interactions with exchange service providers, among other types of information. The most recent update to this policy occurred on November 17.

Additionally, Uniswap said that none of this information includes personally identifiable details, such as first or last name, address, date of birth, email address, or internet protocol address. Uniswap has confirmed that the aforementioned information is not in this material.

Despite this, some members of the cryptocurrency community have expressed concern that the developments go against the fundamental principles of the industry, which focus on protecting the privacy and anonymity of users. These community members have expressed their concerns in different ways.

The programmers who created the cryptocurrency that protects user anonymity On November 21, Firo sent a tweet to his 83,700 followers saying that the recent privacy update by Uniswap sets a “dangerous precedent” for DEXs. The post was directed against Uniswap.

OwenP, an affiliate of decentralized exchange SpookySwap, stated that it was unusual for a decentralized exchange to collect and maintain user information on the backend of the platform. OwenP’s statement was made in response to a question as to why a decentralized exchange would do such a thing.

As a result of the recent shutdown of the FTX cryptocurrency exchange earlier this month, the term “transparency” has gained further traction in the industry.