Quote from: o_e_l_e_o on May 09, 2020, 07:24:06 PM

Quote from: Shiftal on May 09, 2020, 07:01:22 PM

Reply: We are a Peer to Peer exchange, but NOT decentralized. That means we do have access to customer wallet and crypto funds as we have an escrow system to keep buyer/seller safe from fraud and unnecessary time consuming disputes.

Just because I'm trading with another customer rather than an order book doesn't make your exchange peer to peer. Trades should actually be peer directly to another peer, not peer to centralized exchange to peer. If you have to create an account for me, and I have to deposit coins to that account, and the other party has to deposit coins to their account, and you have complete control over all those coins, then I'm not trading peer to peer. You could provide an escrow service via a multi-sig wallet which doesn't give you access to your user's coins like Bisq does, but if you are holding my coins and my private keys, then that isn't peer to peer trading.

Quote from: Shiftal on May 09, 2020, 07:01:22 PM

Regarding KYC, to make the process hassle free and fully automatic, we collect KYC via a third party (to make onboarding hassle free and instant)

If you want to collect KYC, that's fine, but you should be forthcoming about it. You can't say "we won't give your details to the government" when the fact of the matter is you would turn everything over to the government if they requested you to do so.

Quote from: Shiftal on May 09, 2020, 07:01:22 PM

So legitimate users do not have to worry about their privacy.

Absolute nonsense. Every time and every place you complete KYC you have to worry about your privacy.

You need to be clear that you are a KYC enforcing centralized exchange.

Reply 1 : As discussed earlier, we are a peer to peer exchange but NOT decentralized. We are well aware of Bisq model, when initially we started this project an year ago we did thought to implement that model, but after getting user reviews, market analysis, and difficulties users may face with that model - we decided to go centralized so users don't have to worry about their funds or trade worries.
But thank you for this suggestion, this is really something that we can integrate for user to select which way they want to opt for.

Reply 2 : As discussed earlier, government would only ask us to provide information when we report them a specific transaction/user that we feel is connected to money laundering/terrorist financing, or a user that is trying to defraud other users on the exchange. Legitimate users do not need to worry about their privacy.

Reply 3 : Yes, we do collect KYC and we enforce it BUT only after a users exceeds the trading limit. If we do not collect KYC information at all then we may not be able to keep users safe onto the exchange which is the whole point that we wish to provide best user experience as a new crypto exchange.

PS. We are going live on 14th may and we would appreciate if you register onto the exchange and have a look yourself and report any suggestions to us via telegram. Your feedback is valuable.

Regards

Shiftal

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