Allcoin is one of these exchanges which don’t consider transparency as a central pillar of their strategy. At the time of this writing, there is very limited public information, regarding the date of establishment, the company behind the platform, the founders, or the team running the project. In its “Terms of Service” page, the exchange mentions that the legal entity responsible for the website is called “Allcoin Group”. On the bottom of the page, there is also a paragraph stating that the terms of service are designed in accordance with the laws of Hong Kong. This is the only indication of the operating company and its location. However, at the time of this writing, there is no public information about the mentioned Allcoin Group.
Aside from the limited information on the website, Allcoin does not have a LinkedIn page either. This makes it very hard to track the founders or the team behind the exchange. It does have a Twitter profile though, according to which the exchange was founded in 2014. However, multiple third-party reviews describe the Allcoin Exchange as a cryptocurrency trading platform established in 2016 and situated in Vancouver, Canada. They also add that the company behind the exchange is Cascadia Fintech Corporation, registered as a financial service provider in Canada and managed by FINTRAC (Financial Transactions and Reports Analysis Center). At the time of this writing, all this contradicts with the information on the Allcoin website. Aside from that, the link between both companies is not mentioned anywhere on their websites. For example, the Cascadia website does not feature the Allcoin exchange in its “Strategic Partners” section. The Allcoin website also does not have Cascadia in its “Cooperation Website” section.
However, despite the lack of official information about the exchange, it does not miss to instruct its customers that they should comply with the platform’s KYC policy and provide all information, required from Allcoin’s representatives. The exchange’s team, however, also states that it has an obligation “to secure the user data privacy” and to “guarantee the confidentiality of the user data and user trading activity.” A statement like this is somewhat concerning, considering the fact that the platform, itself, does not reveal any information about its business or owners. Providing personal information to an unknown entity is often associated with excessive risk.
The information on the Allcoin website warns clients that the exchange “may experience sophisticated cyber attacks, unexpected surges in activity, or other operational or technical difficulties”. Upon registration, all users automatically agree not to hold Allcoin accountable for any related losses.
The Allcoin team does not offer much information about the employed security measures as well. The information on the website states that the team behind the exchange implements “reasonable security practices and procedures to help protect confidentiality and security” of users’ information. It also adds that the information is protected via “reasonable physical, technical and administrative security measures.” Aside from the statements above, there are no other mentions about the adopted security measures.
The exchange also has its own token, called ALC. Designed as a platform token, ALC’s amount in circulation is 1 billion, with 51% of it allocated to the platform’s clients. 4% is allocated to “strategic partners”, while 30% are set aside for “technology research and development” and 15% to “operation and promotion.” Users, holding ACL tokens, receive commission fees according to their share. The platform specifies that “80% of the handling fee collected the previous day is distributed to the user in proportion.”
When it comes to customer support, at the time of this writing, there are tons of user complaints that remain unaddressed on Reddit and Bitcointalk. Clients report having issues such as unresponsive support representatives, inability to withdraw funds, unreliable features (such as SMS verification) and others. On its website, the exchange states that its support is available in Chinese and English and that it is its obligation to assist its clients “within a reasonable awaiting time period.” However, at the time of this writing, this does not seem to be the case.
At the time of this writing, there are no reports of hacker attacks or government investigations targeting the Allcoin Exchange.Read More