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> no KYC required Just believing really hard that the law doesn't apply to you doesn't make it true.

cdiddy2 7y ago
Ya, that probably wont last long if the exchange is centralized. Would have to re implement on bisq/kyber/uniswap or another decentralized exchange for this to last without KYC. Then of course you have to deal with massively increased latency/network speed to settle trades.
koolba 7y ago
I'm scratching my head wondering what the hell that actually that's supposed to mean. Their terms when you sign up do mention a KYC process: > Blockbid is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) which is the regulatory body that deals with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). > [... truncated ...] > Blockbid operates a Know Your Customer (KYC) and AML/CTF Program that meets the requirements of the AML/CTF Act (and associated laws).
- thomasfromcdnjs 7y ago
  Thanks for finding this guys. Recently we moved to be a crypto to crypto exchange. Without fiat, we no longer are obliged to enable the KYC process for our users. We will most likely bring it back in as our fiat support matures.
  - koolba 7y ago
    Are you still regulated by and report to AUSTRAC? If so, I do not see how you would avoid KYC. Hell, I don't even know why you'd want to explicitly avoid KYC unless your going out of your way to create a money laundering service. Also, there's some typos in those terms, ex: no space before email in "contact us atsupport@blockbid.io".
    - gridlockd 7y ago
      How exactly is exchanging cryptos with other cryptos conducive to money laundering? I can tell you why you want to avoid KYC: It's really annoying for the users and it's labor-intensive for the company.
      - koolba 7y ago
        > How exactly is exchanging cryptos with other cryptos conducive to money laundering? One of the fundamental rules of money laundering is that anything that can be used for money laundering will be used for money laundering. Allowing anonymous users to shift from one crypto to another could be part of a money laundering routine. It does not have to include any fiat currency in the flow. > I can tell you why you want to avoid KYC: It's really annoying for the users and it's labor-intensive for the company. Ha! It's annoying, labor intensive, and a cost center for non-crypto companies as well. I can assure you that the entire non-crypto financial services industry would avoid it if they could as well.
        gridlockd 7y ago
        > Allowing anonymous users to shift from one crypto to another could be part of a money laundering routine. It does not have to include any fiat currency in the flow. What's the point? That's like exchanging cash for cash. I guess you could use it to "launder" crypto in the sense that you can make transfers off-chain. The exchange still has those records though, they don't need KYC to provide them, if necessary.
gridlockd 7y ago
> Just believing really hard that the law doesn't apply to you doesn't make it true. If you just want to trade crypto/crypto, many exchanges don't require a KYC process. If you want to deposit/withdraw actual dollars, that's a different story. In any event, KYC is something that exchanges are responsible for, not its customers.

Ya, that probably wont last long if the exchange is centralized. Would have to re implement on bisq/kyber/uniswap or another decentralized exchange for this to last without KYC. Then of course you have to deal with massively increased latency/network speed to settle trades.

koolba 7y ago

I'm scratching my head wondering what the hell that actually that's supposed to mean. Their terms when you sign up do mention a KYC process: > Blockbid is registered with the Australian Transaction Reports and Analysis Centre (AUSTRAC) which is the regulatory body that deals with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (AML/CTF Act). > [... truncated ...] > Blockbid operates a Know Your Customer (KYC) and AML/CTF Program that meets the requirements of the AML/CTF Act (and associated laws).

thomasfromcdnjs 7y ago
Thanks for finding this guys. Recently we moved to be a crypto to crypto exchange. Without fiat, we no longer are obliged to enable the KYC process for our users. We will most likely bring it back in as our fiat support matures.
- koolba 7y ago
  Are you still regulated by and report to AUSTRAC? If so, I do not see how you would avoid KYC. Hell, I don't even know why you'd want to explicitly avoid KYC unless your going out of your way to create a money laundering service. Also, there's some typos in those terms, ex: no space before email in "contact us atsupport@blockbid.io".
  - gridlockd 7y ago
    How exactly is exchanging cryptos with other cryptos conducive to money laundering? I can tell you why you want to avoid KYC: It's really annoying for the users and it's labor-intensive for the company.
    - koolba 7y ago
      > How exactly is exchanging cryptos with other cryptos conducive to money laundering? One of the fundamental rules of money laundering is that anything that can be used for money laundering will be used for money laundering. Allowing anonymous users to shift from one crypto to another could be part of a money laundering routine. It does not have to include any fiat currency in the flow. > I can tell you why you want to avoid KYC: It's really annoying for the users and it's labor-intensive for the company. Ha! It's annoying, labor intensive, and a cost center for non-crypto companies as well. I can assure you that the entire non-crypto financial services industry would avoid it if they could as well.
      - gridlockd 7y ago
        > Allowing anonymous users to shift from one crypto to another could be part of a money laundering routine. It does not have to include any fiat currency in the flow. What's the point? That's like exchanging cash for cash. I guess you could use it to "launder" crypto in the sense that you can make transfers off-chain. The exchange still has those records though, they don't need KYC to provide them, if necessary.

gridlockd 7y ago

> Just believing really hard that the law doesn't apply to you doesn't make it true. If you just want to trade crypto/crypto, many exchanges don't require a KYC process. If you want to deposit/withdraw actual dollars, that's a different story. In any event, KYC is something that exchanges are responsible for, not its customers.