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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 user

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.

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.