Topic: An European Regulated P2P Cryptocurrency Exchange is Going to Live Soon! (Read 204 times)

Having a regulated European p2p crypto exchange is a great idea, I'm sure many of its future customers will get to enjoy all the benefits laid out by this project, if everything was to be done with as much transparency and efficiency as its required. As for the future of the exchange are there currencies other than BTC & ETH the project looking to expand into?

Reply 1 : As discussed earlier, we are a peer to peer exchange but NOT decentralized that means we are a centralized P2P exchange. 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

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.

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.

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.

Hello, Thank you for your response. I think there is a confusion, i will try to clarify both questions/statements in one go.

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.

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), yes, But there is a specific limit for which you can trade (buy/sell btc/eth) before providing your KYC information (you can see the limit on may 14th).

Regarding sharing information - we are a regulated exchange, but we are only obligated to report specific suspicious transaction/user that we know is connected to money laundering or terrorist financing. In this case we will only be reporting specific transaction/user data when asked but NOT the whole database of the exchange. So legitimate users do not have to worry about their privacy.

Also in future we have plans to launch Shiftal DEX P2P which would be fully decentralized (where user hold the crypto funds as well), also after USP's release Shiftal would be targeting margin/futures trading and specific centralized trading pairs which would be country specific.

Hope this answers your questions.
Feel free to ask anymore question that you may have.
Regards

As I suspected. You've gone from "peer-to-peer", to "we don't share your information with the government", to "we collect KYC via a third party", to "we share your details with the government if they ask for it". This is no better than any other centralized exchange in terms of privacy.

How can you claim your exchange is peer-to-peer if you have access to everyone's coins? That's the very definition of being centralized.

Hello Everyone
This is Director at Shiftal

Thank you very much for showing interest in Shiftal Exchange and asking questions

I have just replied to all your questions in the above 2 replies personally.

Please feel free to share anymore questions which i would be glad to answer.

Shiftal is going live in a week's time so most probably everyone would have a clear idea regarding the whole exchange and the above asked questions.

Thank you
Regards

Reply 1 : Regarding the Priority customer service - In case of any disputes while trade, users can open a dispute from the trade page after which Shiftal's team would take care of the dispute on priority and get a resolution ASAP.
Also Shiftal would be launching USP i.e. Callback Request feature wherein customer can opt for a call resolution of dispute which would have an automatic as well as manual option.

Reply 2 : Regarding Payment methods - Shiftal has 70+ payment methods for users to trade for and since we are a p2p exchange there is no separate fee for any of the payment methods.

Reply 3 : Thank you for pointing out Domain information - we have forwarded it to the relevant team.

Reply 1 : Hello, thank you for pointing that out, Actually at the moment shiftal.com is just a coming soon page.
Exchange is due to go live on 14th may 2020, following which you will be able to see About us, TnC, Privacy Policy, FAQ's and all the relevant information that is asked.

Reply 2 : Well understood, the thing is, we do not share customer information with government unless there is a risk of money laundering for a specific transaction/user account. In that case as well we would be personally reviewing the information before taking any steps. Only if there is a suspected money laundering or finance terrorism related problem, that we may have to report.

Reply 3 : Shiftal's team mediates the dispute. Shiftal has access to the crypto funds as we provide an escrow service.
Regarding the KYC - Shiftal has partnered with YOTI for customer identification and users on shiftal can trade BTC and ETH for a specific amount without KYC (there would be a limit which you can see when you signup on 14th may)/
After reaching the limit user needs to do KYC by providing document (KYC is fully automated). Document depends upon country of user jurisdiction. (Passport, ID card etc)

I can't see any information regarding regulations, terms and conditions, privacy policy, etc., on your site. In fact, I can't really see any meaningful information at all. Am I missing something? Please provide a direct link to the information regarding the European Regulations you are following.

If I had a satoshi for every time I'd seen a person/company/business/entity "promise" not to violate their users' privacy, and then do so anyway when the government comes knocking, then I'd hold more bitcoin than Coinbase (who also sold out their customers to the IRS).

Who mediates the dispute? What access does this mediator have to the coins involved in the dispute? Are the coins in a multi-sig wallet?

You haven't addressed my question regarding KYC. What information and KYC documents will you require from your users?

Not so much your USP but curious about your route to regulatory compliance -- which within the EU can still vary right now. Only asking because of my somewhat unique circumstance: EU resident (for now) but not EU citizen, nor of any other jurisdiction within Europe but part of EEA (like UK, Switzerland etc.)

Your website doesn't really say how (unless there's a ToS I can't locate), but if you clarify, we'll know if this is closer to the LBC compliance model or not. It helps;) When's the ETA?

Edit: just saw your additional reply, so it seems the crypto exchange license is what you'll be pursuing. I guess we'll just have to keep posted, good luck!

If there are any disagreements in the trade, you can open a dispute. After a dispute has been started you can still release the Bitcoins/Ethereum and finish the trade e.g. in a case where the payment takes longer than usual to arrive, the dispute is opened prematurely.

I hope you get your answer. For any query, feel free to write me back.

Well, getting a European trading license is solely for trust purpose. Actually, attaining a license from a legalized crypto trading country is crucial for a trading exchange. As Competent authorities clarify that the propagation, circulation, buying, selling, trading and settlement of cryptocurrencies without obtaining license from competent authorities are illegal activities.

The authorities emphasized that “Any person or legal entity” engaged in any of the above activities without a proper license “shall be penalized in accordance with applicable laws.”

This is the reason of taking European license and we are not going to give our users details to government. Don’t worry!

Thank you!

Hello,
Thank you for showing your interest on Shiftal Exchange. Yes, our exchange platform is quiet similar to Localbitcoins except our unique features such as Bidding system and call back request. Well, our bidding system enables trader to make an offer to buy and sell BTC or ETH. If you want to know more about our USPs and regulation, you can visit us at https://www.shiftal.com/. In case you still have some query, feel free to write me back.

Care to explain how priority will be given depending on different situations?

Can you name them together with fees for each?

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On a side note:
- I hope you're keeping tabs on the expiration date for your website...

Yeah, you are going to need to elaborate on what you mean by "European Regulated". If you are going to comply with EU laws, then that means complying with their AML regulations and therefore full KYC for all customers. Doesn't matter if your exchange is peer-to-peer if you are still asking all your users for their personal information and passing it on to relevant governments and law enforcement agencies.

Can you provide more details regarding your escrow system? What funds are required to be escrowed by both parties? How do you secure these funds? What kind of wallet are they held in? Is it multi-sig? Who releases the funds? What happens if there is a dispute?

Can't say I don't like new options, but if it's regulated, then is it just going to be another Localbitcoins (except with other crypto too?). Curious about the bidding option, won't be likely to try it unless it means I can sell btc much faster. What's your route to compliance? Simple Estonia license of full-on FI like PSD2?

Shiftal Exchange is launching a new p2p cryptocurrency exchange platform where you can trade Bitcoins and Ethereum. The exchange’s website currently in its beta version and providing free user registration where they can unlock the treasure of heavy discounts on their first few trades.

Our robust p2p crypto trading platform offers global traders an easy-to-use and attractive UI coupled with reliable and seamless Over-The-Counter (OTC) trading.

Our p2p crypto exchange is integrated with unique and robust features, including:

1> Bidding system feature
2> Callback request features
3> Feature-rich Android or iOS apps
4> Escrow protected
5> 24/7 Support
6> User-friendly
7> Wide-range of payment modes

Full Information and Source: www.shiftal.com

I believe that something like this will bring a wider range of Bitcoin and other crypto new users. Opening new doors and probably a New price boom?

What do you guys think about this new Shiftal approach with the P2P exchange system? Good or Bad? What are your expectations? Tell us your perspective! (As I’m excited about these new approaches)