Pisces: Private and Compliable Cryptocurrency Exchange
Ya-nan Li (1), Tian Qiu (1), Qiang Tang (1) ((1) The University of, Sydney)

TL;DR
Pisces introduces a privacy-preserving cryptocurrency exchange that maintains user anonymity, prevents double spending, and ensures proper profit reporting, addressing unique blockchain privacy challenges with efficient cryptographic solutions.
Contribution
This work is the first to restore user anonymity in cryptocurrency exchanges while ensuring security, double spend prevention, and profit reporting using simple cryptographic tools.
Findings
Achieves constant computation and communication overhead.
Provides a practical implementation with performance evaluation.
Addresses new privacy challenges unique to blockchain exchanges.
Abstract
Cryptocurrency exchange platforms such as Coinbase, Binance, enable users to purchase and sell cryptocurrencies conveniently just like trading stocks/commodities. However, because of the nature of blockchain, when a user withdraws coins (i.e., transfers coins to an external on-chain account), all future transactions can be learned by the platform. This is in sharp contrast to conventional stock exchange where all external activities of users are always hidden from the platform. Since the platform knows highly sensitive user private information such as passport number, bank information etc, linking all (on-chain) transactions raises a serious privacy concern about the potential disastrous data breach in those cryptocurrency exchange platforms. In this paper, we propose a cryptocurrency exchange that restores user anonymity for the first time. To our surprise, the seemingly well-studied…
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Taxonomy
TopicsBlockchain Technology Applications and Security · Cryptography and Data Security · Internet Traffic Analysis and Secure E-voting
