Aussie exchange shuns AUSTRAC: ‘No KYC, unlimited withdrawals’
A new Australian crypto exchange is promoting ‘no KYC and unlimited withdrawals’. But is it legal?
It’s hard to find a compelling reason for a new Australian exchange to exist in a marketplace that’s becoming more crowded every day with new players like Zebpay and Zipmex.
But grassroots, tech-focused Melbourne startup Blockbid has thrown down the gauntlet by offering worldwide, instant, no-verification signups, and unlimited withdrawals.
It’s also distributing a new token this week, designed by a famous crypto economist, that aims to solve the No.1 issue facing new exchanges: No one wants to trade on a platform which doesn’t have other traders yet.
Hold on, isn’t ‘no KYC’ illegal?
As it happens the ‘no KYC, unlimited withdrawals’ offer appears to be completely legal – but only because the exchange has been forced to drop Australian dollars.
“If you’re only dealing with crypto to crypto then AUSTRAC does not give two sh*ts,” said COO David Sapper, on the line from Europe where he was supposedly taking a few days off but was actually sifting through 300 work emails.
“While it creates an issue for some customers with the fiat on-ramp, it opens us up to a global user base enabling them to sign up immediately and trade across different pairs.”
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