Topic: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. - page 3. (Read 950 times)

Let me explain with an example. When a client initiates an exchange, a unique address for payment is generated for them. When you deposit funds, an AML check is performed. If the AML level is acceptable, the exchange proceeds. If the funds have a high AML risk, the exchange is suspended, and a form for returning the funds is provided to the client, where they need to specify an address and click the "Send" button. The funds will be returned from the same unique deposit address to the specified return address. As a company, we do not have the legal authority to act at our discretion and decide what to do with the money; a court decision is required for that. However, we are obligated to not facilitate money laundering. In such a case, even if a client attempts to exchange stolen funds, they will not succeed. In the blockchain, it will appear as if he transferred funds from address A to address B, and then back to address A or D. Therefore, they will not be able to hide traces or launder the funds.

We are a cryptocurrency exchange for instant cryptocurrency exchange, operating exclusively with cryptocurrencies without fiat. We have never had, do not have, and will not have functionality for mixing cryptocurrencies. There are many other CEX and DEX platforms that deal exclusively with cryptocurrencies, but that does not mean they are cryptocurrency mixing exchanges.

Unfortunately, if they have to add support for fiat x crypto exchange, they would have to follow KYC and ALM laws.
If the user wants to change crypto x fiat, they can use traditional exchanges, the initial proposal for this service is just crypto to crypto.

Okay I understand but my suggestion is exchange should be cryptocurrency to fiat  and not cryptocurrency to cryptocurrency, if you want to market your service in the whole wide. We have a lot of exchanges that exchange crypto/crypto. And all the centralized exchanges do that and their services are all currencies but yours different and the method of transaction is where I am interested in. Because it looks like a mixing operating system.

It’s true that following this process, clients might lose their funds but, is that even possible! That an exchange address be flagged?

If ever their is an AML flag on an address, isn’t that supposedly to be on the input address to the exchange rather than having an exchange output address as a flagged address? That is, in assumption that, it isn’t a hack situation  on the exchange itself but even then, it would make sense having to do refunds to the exchange address as the funds doesn’t originally belongs to the client.

I think this could be looked at case by case and not fully automated. A situation where the system could flag some address having AML flags on it to be exchange related and require some diligence in its handling.

Let me explain. To send ERC/TRC/BEP-20 tokens, need to pay for gas in the network's native token. Accordingly, when a client makes a payment for a request, for example, in USDT ERC20, and it has a high AML risk, our service will suspend such an exchange, and the client will be given a private key that holds their funds. We cannot send these funds to the client's address because it requires ETH on the deposit address to send the tokens. According to our rules, we also cannot send ETH to this address for sending tokens, because in that case, our service would be associated with cryptocurrency exceeding the AML risk. As a company that complies with AML regulations on par with other exchanges, in case of a token refund, we can only provide the private key where these tokens are stored.

We are a centralized exchange that only exchanges cryptocurrency. We do not work with fiat.

I don't know if this exchange is different from other decentralized/centralized exchanges. When I entered the website I was trying to know if the way we were using it to make transaction in other platforms but the difference is very big and there is no similarities. And from the images I screenshot,



Please can the Op tell me what kind of exchange? Because I only know two types of exchange and which are decentralized exchanges and centralized exchanges and all those two local currencies are there in the platform to trade. But in this one even though it is a non KYC, the fiat currencies should be there to trade. Or this one is only for Cryptocurrencies? I have read the Op but was looking for fiat but none.

Does this term apply?
Anyway, this is the weirdest way, potentially causing further problems since private keys are not supposed to be shared between 2 or more parties. If I somehow get caught on AML radar, I can just withdraw my funds while I file complaint that it wasn't me who did it.

No, this won't help the user in illegal activities. Because refunds will be made from the unique address to which the client previously made payment for a request that didn't pass AML. That is, the client's funds that didn't pass AML remain at the same unique address created for the request's payment until the client specifies a return address and presses the send button. Thus, our service will in no way have any connection with funds subject to high AML levels, and this won't give the client the opportunity to anonymize their transaction in any way, because in the blockchain, it will look like they transferred from address A to address B, and then from address B back to address A or to address C, D, and so on.

To process refunds to the address from which the request payment was made is not a good idea because many people may make payments from exchanges, and in such cases, the refund would be automatically processed to the exchange address, potentially causing the client to lose their funds.

I think the referred by user Forsyth Jones would be, what first impression it would have on users.
Now, I’ve come to understand this can work in two ways and that would be as it could either prompt users to,

a) Now let’s not forget that there exists a variety of services in the forum and cryptospace which for an ordinary user, having to see the name already creates a first time impression on what to expect when visiting a site. Where casinos talks about a gambling site where you can find games like Plinko, Slots, Lackjack and others to gamble on, Sports refers to the bookies for various sporting events, Ex widely refers to the exchanges and rather than having to look up a services in the wrong place, you just place your priority on first impression.
Hence, the possibility of not having clicks on exchanger as the name doesn’t directly spells this out but.
The other way this could work is that,

b) It could serve as a click bat purpose: Majority of the active forum users are well aware as per the stands of the forum on mixers and upon encounter with Zeusmix, it would prompt in the mind of a user to visit the site, research on why it’s allowed and what’s there range of service. This would in turn create a lasting impression upon every individual to have guided their curiosity with some research.

There really wouldn’t have to be any problems with the forum admins as am sure, some background work must have been done to allow publication, let alone the well aware manager/team.

Wouldn’t this be helping the user even further in illicit purposes with user having to specify a return address?

This could be the case as user would just generate a new  address to request a refund on.
The more preferred option to me and as in the company T&C would have been to return coin to the address from which it was sent, having to use proper fee deduction in the process. Which would be swift and fully automated.

You know, this is a very valuable remark and it makes sense. I will pass this on to the team, and we will consider adding an option to specify the return address before creating an order (optional), as well as adding a guarantee letter and a separate column on the website, so that if the page is closed, the client can return to the order page using the unique order number. This is exactly why our platform is currently in beta mode, to hear the opinions, suggestions, and comments of all users in order to make the platform better.

Automated in the sense that the client does not need to contact support to request a refund, but simply specify the address to which they would like the refund to be sent and click the submit button. But as we mentioned above, we will discuss with the team the idea of also adding the option to specify the return address before creating an order.

Yes, our goal is to make this as transparent as possible for our clients, and we have several ideas, including guarantee letters, that we plan to implement.

I mean no JavaScript version, lighter and more privacy page.


at this stage, It will be appropriate to add Proof of Reserve or deposit 1 Bitcoin in the forum’s escrow. This will help to trust the service as they are sure that their money is safe because there is a deposit in the escrow.
A QR code with the deposit address will be appropriate.
In addition to the possibility of downloading the letter of guarantee

I liked that you guys were being honest here with your reserve funds. Not only me but others will also agree that a lot of platforms came here showing fake reserves which looks insane to be true. But they never managed to get the trust of the community. The honest move helps new startups for their business.

If users could specify the wallet address before getting the refund, then it's okay. But you said it's an automated process which may confuse examplens and the line "the funds will automatically return to the address from which the payment for the exchange request was made". After reading that line, I also thought the refund would return to the address it came from.

Zuesmix is the brand name, the product has no relation with a mixer. You can not even select BTC to receive BTC in the "Send" and "Receive" input box of the exchange page. Anyone who visited the website already can see the process.

Interesting idea. I like it. I will propose it to the team.

What sorts of problem you have in mind? Regarding a confusion can be caused in the forum admin's mind - after seeing some reaction from some users, the Zuesmix admin already contacted the admin and he allowed it because this does not qualify as a mixer. I also sent him a PM, the reply was written in the same fashion. So there are nothing to be worried at all.

OK, that makes sense, you just didn't write precisely earlier.
For such a scenario, you should have a mandatory (before exchanging process) field for the refund address, as well as a mandatory (before exchanging process) download letter of guarantee with all order information. Accidentally closing the browser complicates things quite a bit. For example where to enter my order code after reopening your site?

You misunderstood me, or perhaps I didn't explain myself clearly. Let me try to explain again. What I meant is that the funds are returned from the deposit address to which the payment was made, not from any other address. Therefore, this is not a problem because, for the refund, the client will need to specify the required address for the refund and confirm it by clicking the "Submit" button to process the refund. Thus, such an error will not occur. I apologize if I misled you.

It's still a bad idea and will probably cause additional problems and doubts about your service.

I'll try one more time. Some services, for example CEX's, casinos etc... use different wallets/addresses for deposits and withdrawals of their users. For example, the deposit goes to the cold wallet and address A (connected with the user account), while the withdrawal is made from the hot wallet and address B. So, in case the user going to withdraw and send BTC directly from his casino account to your exchange, it comes from address B. If you judge that the coins do not pass your AML control, you will return them to address B, which is not exclusively connected to a specific user account.
Everything is automated and not reversible.

The epilogue is that you sent a donation to the casino, and you will claim that you acted fairly, but the user was left without his funds.
The casino in this case is just an example, although coins from there often have an AML problem. Also, sending directly from the casino (or other services) to the exchange is not a good practice, but it happens quite often, so I would not rule out this possibility.

Once a mistake like this happens, you'll be left with negative feedback forever, or you'll be paying out of pocket to cover it up.

Welcome to bitcointalk forum.

I think it's a good proposal, especially when you achieve greater visibility, you can try partnerships with hardware wallets for alt exchange services when users want to exchange coins for others in their HW.

Regarding the name, despite having the mix prefix in the name and we know that the service offered by the platform has nothing to do with mixers, I'm afraid that this could be a problem for you later (I hope not). Maybe change it to a name like: Zeus Ex, Thunder (I found this name stronger and is related to Zeus), but that's just a suggestion.

Feedback about the website, it has already been said here, I emphasize the color palette between Black and light Purple, they are eye-catching colors and are in line with the proposal you provided, a simple website with a simple and direct proposal.

It's not every day that a company with such potential emerges, I hope you make great progress. As soon as I have the opportunity, I will use your service and give other feedback.

There is another service that uses it too if you haven't been keeping attention, though I won't mention it in this thread since it's a competitor and I need to respect the OP of this thread. I am just excited we have another player who is joining the fight against Government's privacy invasive behaviours. These are very depressing times and any service or tool that enhances financial privacy and independence is highly welcome  

There are some already and one of them even has an older thread on this forum, which seems to be the inspirational source for this service here.

welcome to bitcointalk.org
this is a cool exchange. this should be the kind of exchange that is promoted widely but i think there will be transparency if we can see the SAFU, how do we know the exchange has BTC to send?

but wouldn't this be considered a mixer in the forum and we all know mixers are already banned here. hope not since they are already up to promote the exchange thru signature.