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That sounds too cheap, in the sense you wont have money to handle things going wrong or KYC stuff etc.
by quickthrower2 3y ago
That sounds too cheap, in the sense you wont have money to handle things going wrong or KYC stuff etc.
- cjalmeida 3y agoAssuming transfers only between bank accounts, so sending/receiving institution done the KYC, fully electronic transactions, and contract non-repudiation, very little can go wrong
- closewith 3y agoFamous last words.
- quickthrower2 3y agoFraud. What if you are required to return the inward deposit but cannot obtain the corresponding outward transaction. Or you can but lose money on the rate. Bank transfers being reversible is the reason for the difficulty buying crypto at least years ago, maybe it is easier now. FX services in my experience have a lot of staff and ask a lot of questions even for established accounts. Also the banks ask a lot of questions (although that is to the benefit of the FX service reducing the likelihood of fraud hitting the FX)
- pxmpxm 3y agoFirst thing that came to my mind - gonna get sued/shutdown by DOJ for ignoring KYC/AML stuff like every crypto thing that claimed the same.
- pclmulqdq 3y agoThere's probably a good reason they aren't operating in the US.
- wdaareg 3y agoWe are licenced and regulated by the FCA in the UK and the NBB in the EU – two trusted financial authorities that also regulate Wise. We therefore have to meet the expected high standards both authorities require from us, especially in terms of KYC&AML.