guys hows going on with WEX?
is it trusted? it need forced verification ?
I'm still trading on WEX and everything is fine. It is one of the reliable exchange sites. I do not draw fiat directly so I do not understand about verification, I often use wex code.is it trusted? it need forced verification ?
WEX code is a unique (doubtless it is also WEX most useful) feature on the market but it's also the one that raises most concerns, because what it does gives any law enforcement enough grounds to suspend exchange's operations. Practically WEX codes are means to launder money via exchange (you can transfer codes without any KYC between users). Those codes will be shut down at some point - that's for sure.
People in Russia often easily exchange WEX codes for cash in 1:1 proportions despite its being blatantly illegal.
The money laundering laws are interested primarily in fiat withdrawals from the exchange, even then the fiat is not held by the exchange instead it's a 3rd. party affiliated with a bank that is meant to know where money came from and ended up regardless of the steps in between. When you buy and sell coins on any exchange, the coins are changing hands, and the withdrawal can be reasonably anonymous if it's only crypto.
