Almost all the exchanges in the past that are not in United States would be guilty of this because users can easily register on the exchanges and not get verified but have limited withdrawal limit.
They now want to target all old exchanges.
Paxful is registered in the United States, and should come under the jurisdiction for their money laundering laws and the regulations with being a registered money transmitter. If they're not in the United States, then they wouldn't have to conform to US regulations, unless they specifically serve US customers or transmit money within. Else, I would consider cross jurisdiction to be too much of a hassle to bother.They now want to target all old exchanges.
It's unfortunate to see that once called as land of opportunities, has downgraded itself to an authoritarian regime. Centralised or non centralised, all crypto related businesses should consider moving to Singapore.
Singapore is even worse. Applying for the license is notoriously difficult, and Binance just backed out of their application. If you think US is difficult, I'm sure most of the other crypto friendly places are difficult as well.Also quite extreme to call it authoritarian. If you think flouting the rules and paying for it is being 'authoritarian', then you'd be surprised what an authoritarian regime actually looks like.
