Why would you say that about Cyprus?
Good Afternoon,
P2P exchange is different than a regular spot exchange in terms of legal. You are not a money transmitter as the crypto transaction is from user to user, the company never facilitates any cryptocurrency transaction as the user does.
Correct, you would need AML and KYC screening in place you should check out Bisq, great platform, decentralized, and open source, you could fork it! and no KYC but unfortunately low volume on the exchange.
We plan to have some sort of AML and KYC, users can still use the platform without any KYC but will be restricted with limits.
It very much is so, if you check the website it says it "Join the Most Trusted and Largest Peer-to-Peer Bitcoin Trading Platform"
I can see your point, P2P as in users can exchange crypto to fiat amongst each other without going through a centralized entity like Coinbase. People from countries like Iran, Russia, etc facing international sanctions may have trouble onboarding to any KYC crypto exchange. P2P allows for the trader to trade directly with vendors from around the globe where the only rules are the ones set by the traders themselves. They are responsible for conducting their due diligence, paying taxes, and compliance. As a result people from where ever, can purchase/offload the desired amount of crypto they like as long as the vendor in question agrees to trade with them. The P2P itself exchange simply provides a marketplace for traders and vendors alike to connect, and make trades safely with built in escrow.
i guess you have no clue what you are talking about.Just because it says so in the website doesn't mean its true.
Okay what else will I call this type of exchange? Hey i'm trying to start a marketplace where users can exchange crypto directly with eachother, no i'm going to say peer to peer exchange, that is the term. Binance has a platform built in called Binance P2P or binance peer to peer and it is the samething. I'm using P2P because it's what the industry calls it, maybe it's not entirely peer to peer but that is the term for it a peer to peer, user to user exchange. I'll continue to call it that, and not your nerd jargon.
Not nonsense, I implore you to do your own due diligence and come back to me. On ebay.com, if someone decides to sell fireworks which requires certain licenses / permits, does that mean ebay must apply for this license to sell fireworks because a user on their website is? No, even though ebay acts as a marketplace, and escrow, the seller of the firework is responsible for the fulfillment of the product and acquiring these licenses to sell. Check which licesnes paxful has, localbitcoins, localcoinswap, you will see, Bisq doesn't require kyc it's completely decentralized they haven't been shut down.
https://www.coindesk.com/markets/20...er-pleads-guilty-to-money-transmitter-charge/
you post a lot of bulls**t without having the simplest know how.
You compare 2017 where there were NO regulations with today ?
Okay no point to argue this, my platform will implement KYC/AML procedures anyway, without KYC can transact only smaller than 10k. This is how 90% of platform are, I will let you think you are right. You seem to have some pent up aggression, looking to offload on this forum. I like to argue and learn, it's not about who's right or wrong. I can find you articles from 2022, please go do your DD. I'm going to leave it at that.
Also the term you maybe are looking for is DEX, decentralized exchanges, that facilitate trading orders through smart contracts.
I run the first and biggest decentralized p2p exchange from 2014 to 2020......i coworked with law companies which create proposals for SEC so i guess i do not need any DD anymore on that topic.But if you keep thinking your way i don't predict a good future for you.
There's CEX's that allow for no KYC but put restrictions on how much volume you can trade. Please create a paxful account, do not enable ID verification and you will see tier 1 allows for you to trade under a certain amount of volume. There's a myriad of exchanges that run this way, Bisq, Localmonero, Localcoinswap, Localbitcoins. I will follow their practices and I've already consulted with lawyers in the fintech sector. Go to those sites please I implore you, and you will see how they are operated.
Most vendors will have terms set on the site, and vet the traders they trade with i.e asking for photo ID and matching name on ID with name on the bank they received the transfer from..
you jump from topic to topic.
