Anyone starting a brokerage or money transfer service seriously needs to consider going fully offshore. Accept only crypto. Seriously, the US, EU, and even India are just too much to deal with. Governments are corrupt, and their regulations are ridiculous. It's time we focus on real financial freedom.
The two-tier system is just gonna get worse. On one side, we have those compliant platforms like Coinbase and Bitflyer, and on the other, the ones dodging KYC. I hope Binance and BitMEX can hold on until we see something truly decentralized for anonymous trading.
Yeah, but even if we push for non-KYC exchanges, it won't last. The regulatory pressure will come eventually. People in those countries will still have to follow their laws and can't just use these offshore platforms freely. Look at what happened with Binance and the US.
I get that. Bisq is a good platform, but I can't use it in my country where Tor is banned. I tried to make it work standalone, but they bundle their own version. So annoying... Wish I could just use my own setup.
We've been in this mess for ages. We can either fight against these governments and organizations or just accept KYC and all that crap. I don’t see much of a choice here.
Tor is the way to go. DEXs should work with Tor and act like it too. No more registered companies. Just open-source software and nodes running like miner rigs. There’s even a policy think tank that challenged the UK over its idea to enforce KYC on developers and users.
True, but if all exchanges move offshore, we might see a lot more scam exchanges pop up. With loose regulations, anyone can just disappear with users' funds.
Binance is already making KYC mandatory for US users. They’re working on a separate platform for them. Other regions still have some freedom but with regulations tightening, it’s only a matter of time before KYC is everywhere.
Yeah but when BTC-E got shut down, they only lost fiat funds in banks. They kept control of crypto funds. That’s a big difference. No bank accounts means less risk when things go south.
That's probably why Binance moved to Malta. They're trying to avoid issues with governments who are against crypto. But even offshore, they still have to comply with local laws.
Regulated exchanges do have their place. A lot of folks want to use Bitcoin legally. If you're a business needing to accept Bitcoin, dealing with an unregulated exchange can be messy with taxes.
Even if KYC becomes mandatory, not every exchange will have to enforce it. Like Bittrex only does it for transactions over a grand. Not all governments are gonna push that hard.
The big exchanges are under pressure from FATF. They need to comply to stay in the G20 markets. Smaller exchanges might dodge the rules, but the giants will likely give in.