- Dec 11, 2018
- 1
- 0
Have you ever asked yourself what’s the main idea behind cryptography and cryptocurrencies as the end product of it? The last 2 years were marked with dramatic legalization attempts of different cryptocurrencies, and it lead most companies to KYC implementation across the industry.
The primary purpose of cryptography is financial anonymity, and some of the services impose new rules of identity verification, even if your trading volumes are low. Recently we were doing a short industry overview with our team and came to the conclusion that cryptocurrencies are under pressure, EU and US are actively trying to get taxes from every financial operation made with crypto.
We were lucky to get evidence from one of our subscribers, who told that the oldest P2P exchange LocalBitcoins is verifying user profiles if their trading volume has crossed $7,500 mark. Even banks don’t put their attention on such small amounts. Moreover, your account gets suspended, and simply you can’t trade until you send them your documents.
Sure, maybe AML laws made them taking these measures, but regardless of that if you are building this kind of the business, don't you analyze what's going to happen next?
Currently, we are developing our P2P trading platform which won’t impose any verification methods or trading limits because it contradicts with cryptography ideology. We want to build a place where people can trade without revealing their personal information.
Our team is just wondering what people think about these measures that most projects take? What future would you prefer in the cryptocurrency industry?
The primary purpose of cryptography is financial anonymity, and some of the services impose new rules of identity verification, even if your trading volumes are low. Recently we were doing a short industry overview with our team and came to the conclusion that cryptocurrencies are under pressure, EU and US are actively trying to get taxes from every financial operation made with crypto.
We were lucky to get evidence from one of our subscribers, who told that the oldest P2P exchange LocalBitcoins is verifying user profiles if their trading volume has crossed $7,500 mark. Even banks don’t put their attention on such small amounts. Moreover, your account gets suspended, and simply you can’t trade until you send them your documents.
Sure, maybe AML laws made them taking these measures, but regardless of that if you are building this kind of the business, don't you analyze what's going to happen next?
Currently, we are developing our P2P trading platform which won’t impose any verification methods or trading limits because it contradicts with cryptography ideology. We want to build a place where people can trade without revealing their personal information.
Our team is just wondering what people think about these measures that most projects take? What future would you prefer in the cryptocurrency industry?