They started as a no KYC option and users were happy to pay 1% for that (on top of vendors rate). Forced KYC is what ruined them. Why pay such high fees when you can go on Binance and pay less?
Can someone please answer me this? I run a P2P crypto exchange built on the Localbitcoins model. We do KYC because its a way to prevent scammers from making multiple accounts.
How do you stop scamming without KYC? How can users be safe without KYC?
There are other ways to connect one account to the other, one of those would be the address they're sending from. Another one is your website can check for cookies or whatever and see if user has been previously registered and so on. Talk to a web developer.
They started as a no KYC option and users were happy to pay 1% for that (on top of vendors rate). Forced KYC is what ruined them. Why pay such high fees when you can go on Binance and pay less?
Can someone please answer me this? I run a P2P crypto exchange built on the Localbitcoins model. We do KYC because its a way to prevent scammers from making multiple accounts.
How do you stop scamming without KYC? How can users be safe without KYC?
There are other ways to connect one account to the other, one of those would be the address they're sending from. Another one is your website can check for cookies or whatever and see if user has been previously registered and so on. Talk to a web developer.
But without KYC, there is no way to verify their address, allowing them to simply make up the information and make new identities when making an account. One can amke, multiple phone numbers and email addresses, but its very rare and hard for a scammer to have multiple ID's, this is why it protects the exchange. As for cookies... No unfortunately its too easy with a VPN.
I started using LBC in 2017 and remember doing KYC. Can someone give me a run down of P2P before KYC was so relevent? Perhaps I'm too fresh to remember the more cowboy days of crypto, but I understand this is the way to go. I simply want to protect my users <3. But I also want to learn from the mistakes of other exchanges and I agree, KYC is killing crypto. With my exchange, I have no intention of bringing into the broad daylight so it can be subject to regulatory scrutiny and follow the way of all thee other exchanges down the pathway of ruin. I just want it to be an underground thing more or less and if I can remove KYC, I''m certain it will make a better experience for traders.
How is everyones experience using a non KYC P2P Platform? Everyones feedback is so very welcomed. Thanks in advance.