Of the people I've spoken to, their main concern is that LakeBTC (and LakeBanker) are based in the PRC. I think they're worried (whether it's valid or not) that the Chinese government may one day crack down on token sales, or introduce a new regulation that makes the platform non-usable. Similar to how China has slowed down the growth of Bitcoin exchanges by limiting bank transfers in and out.
What would you say to reassure them? Alternatively, are there any actual advantages to being based in China over other countries?
What would you say to reassure them? Alternatively, are there any actual advantages to being based in China over other countries?
1. We are an international firm. We plan to open offices in Hong Kong, London and many other locations.
2. The Chinese government is one of the most crypto open and friendly governments in the world. Please see our notice about this here: https://www.lakebtc.com/s/help#ban
3. The Chinese government, like many other governments, cares about Anti Money Laundering (AML) and investor protection. That is why LakeBTC enforces strict KYC, and we have never turned on margin/short, or futures trading.
4. The "limiting bank transfers" incident was exactly Chinese government's response to the high leverage and market manipulations of some other players in the field. Do you remember the 0 fee and 50x leverage tactics by other exchanges? I would say that the Chinese government has been very lenient with those who turn crytpo exchanges into a manipulated casino.
5. We have People's Bank of China (PBOC) regulated banks and payment processors as potential partners. We know they have invested lots of effort researching cryptos. In general the government encourages innovation, with risks well managed. LakeBTC is keen on risk management; this includes managing compliance risk.
