Topic: [ANN] FYB-SG Singapore's First Bitcoin Exchange - page 2. (Read 15973 times)

Wow! so fast! Thumbs UP!

Hi,

sent a PM to help with deposit.

Thanks

As always Nagato, Thanks very much for the prompt reply!
Support FYBSG people!

Nagato, have sent you an email regarding a withdrawal, hope you can help help a bit!
Thanks

No fraud, that's great news!
Good luck with the banks and your exchange, I hope it will be operational and profitable for a long time to come!

I generally try to avoid talking about what we go through behind the scenes, but since you have asked and this forum is generally composed of more knowledgeable people, ill spill some.

Generally, businesswise things are starting to pick up, although the Bitcoin userbase per capita in Singapore is one the lowest globally amongst developed English speaking countries (see http://www.anonymousbitcoinbook.com/2013/09/16/where-is-bitcoin-most-popular/). Add the small population and we are not profitable yet, but it is close to the point of being sustainable.

Banks - It is starting to become common amongst the Bitcoin startup scene to hear DBS denying any Bitcoin related companies an account. I guess they are the first amongst the  local banks to see Bitcoin as a threat, although it is naive of them to think that denying bank accounts will hamper bitcoin adoption.
Bank accounts wise, it is a royal pain to obtain and use corporate bank accounts. The paperwork and time to get setup is plain ridiculous(It took close to 3 weeks to get our current account setup). Plus having additional bank accounts further complicates accounting. However if there is sufficient demand for a particular bank, we will consider it.

Fraud - Surprisingly there has been 0 issues of fraud so far. There are plenty of reports online of exchanges being defrauded by customers reversing deposits after buying & withdrawing bitcoins, sometimes causing the exchanges to go bust. (http://bitcoinmoney.com/post/8350754054/bank-transfer-reversals)
This is one of the things that the local banking system has done right, it is extremely difficult to reverse a bank transfer.

Regulators/Regulations - Lets just say that the cost and time spent on dealing with this is more than it took to develop the exchange. It has been a first hand experience for me on how Governments can sabotage their own country's growth by discouraging business startups with unnecessary regulations.

On a side note, i will be interviewed on 93.8 tomorrow(Thursday) 5:15pm.

I would like to say, I am really happy with FYBSG.com - at no other exchange I had a smooth trading experience like this. 

I am just about to send some more SGD and I noticed that the DBS bank account is no longer listed for deposits.

Now there is just one account listed, the UOB account and I will deposit to that account this time.

It would just be nice to get a word of reassurance from the owners how things are going, are banks causing problems? Has fraud been a problem?
Are you working on more bank accounts or do you have a good partner in UOB.

Thanks!

Thanks that's why I still trade on FYBSG.
At least I can rest assure he will answer my enquiry in a timely fashion
UP for you!

Will send out in next few hours, dont worry.

Hi Nagato,

Is your backlog alot? As I'm still waiting for my withdraw and its close to 24hrs

Fantastic service offering

Much needed, all the best...

Time for a free bump i guess

Would just like to mark this important milestone today, 1BTC > 1000SGD.

Is there any chance that it will be stolen? I am rather afraid of that tbh.

We are required by regulations to retain the files.

Same when you open any account at a bank/brokerage.

Do they keep the files? Or once verified deleted them? How are they deleted, or how are they kept?

What do you mean by how is that managed?

Compulsory to upload documents, but how is that managed?

unfortunately no, he's not on the list
https://bitcointalksearch.org/topic/m.3253325

https://bitcointalksearch.org/topic/m.3216659

Is Nagato a speaker? I'm sure that he'd have some interesting insights to share.