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Did this get checked by a lawyer before posting? Reading this, I get the hacker vibe: "The law says this, but I came up with this clever hack so it does not ap
by RcouF1uZ4gsC 6y ago
Did this get checked by a lawyer before posting?
Reading this, I get the hacker vibe: "The law says this, but I came up with this clever hack so it does not apply to me."
Unfortunately for this view, the law and judges who apply the law care a lot about intent, and are not very impressed by "hacks" of the law. Advertising that you are doing an end-around KYC, is something that a judge will find very interesting if this comes to court.
In addition, KYC is a big priority of the US Treasury department and there is pretty bipartisan support for it.
Basically, the US Treasury Department does not want any company to facilitate large money transfers anonymously. If you are doing that, they will likely come after you, despite whatever clever legal "hacks" you may think you have.
I don't see this ending well.
- delaaxe 6y agoBut then they would have to go after all the other decentralized exchanges like Uniswap etc. no?
- tigereyeTO 6y agoFirst, it's important to note that we will continue to KYC users when they trade directly with us as the counterparty (this is our old model and we have to KYC in this case). When it comes to DEX trading, it means we are not part of the trade; we are not a custodian, a counterparty, or an intermediary of any kind. Thus, we are not regulated in that case because we are not engaged in a regulated activity and are in full compliance with regulatory guidelines.