Changelly CEO Shares Views On Monero (XMR) Controversy And Competitor Shapeshift’s Privacy Shift

Changelly CEO Expresses His Views On Monero Controversy And Shapeshift Ending Anonymity

Bitcoinist had a talk with the CEO of Changelly, Ilya Bere, regarding its main rival, Shapeshift, which has put in place new requirements that necessitate users to verify their identity. Changelly is one of the instantaneous virtual asset swap service. Bere spoke on how his firm is treading the present supervisory frameworks, as well as his thoughts on where the virtual asset exchanges are headed in entirety.

Changelly Will Do All It Takes To Keep Its Service Unaffected

How is your service comparable to other large instantaneous swap services like Shapeshift? Is registration compulsory?

Ilya Bere: when compared to other firms that offer similar services, Changelly’s swap platform has advanced transaction parameters. Another vital aspect is the fact that Changelly has higher transaction speeds when compared to other competitors. Additionally, it has a wide-ranging variety of properties.

The firm also provides its users with 24/7 live client support just in case an urgent issue arises. The firm also offers a very easy and comprehensible process of exchange, whereby users have to simply sign up using their emails. The emails have been designed in such a way that they are able to store the history of transactions.

Regarding people who desire to be Changelly’s affiliates, the moment they are logged in, they will already be taking part in the affiliate program. The affiliate program permits users to receive up to fifty percent of their proceeds. This basically means that all they have to do in order to begin earning virtual assets with the company is simply to invite friends who can swap assets. Users can also earn crypto by purchasing virtual assets through the partners of Changelly by making use of bank card at the stand with an exceptional recommendation connection.

What Are the Trading Limits Prior to an Individual Giving the Know Your Customer Data?

Ilya Bere: It is quite unfortunate that Changelly is not in a position of offering any current criteria. This is because people those who want to make use of the service of the firm to launder money can use that data for their pleasure. Additionally, there are always variations which are dependent on trade-pairs, recent news on hacking, as well as signals from other exchanges.

The most vital thing is that the firm always cautions its users concerning possible KYC checks prior to a business deal being set off. In this way, the users can be free to make use of Changelly in addition to any other exchange service.

Did the Shapeshift idea of ultimately introducing compulsory KYC necessities for exchanging virtual asset take you by surprise?

Ilya Bere: It was definitely surprising. Changelly did not expect this. It is possible that Shapeshift may have anticipated a situation whereby the market should go in a certain direction. It is for this reason that they want to go live with the product update. This is prior to the drastic changes expected in the supervisory landscape.

Definitely, Changelly will do all it can to keep the service unaffected, though with full compliance of the legal requirements. Changelly will also keep watching the way regulators will attempt to shape the virtual asset space.

Would Changelly Also Introduce Compulsory KYC in Case Regulators Demand it?

Ilya Bere: Changelly is unshrinking in its efforts to offer users as much liberty as possible, even as they exchange virtual assets. However, in case such a regulation is demanded by regulators, Changelly will have to find a way of establishing a middle ground. As a matter of fact, the firm is intending to shift its headquarters to Malta in the near future. This will go a long way in assisting the firm to offer the best instantaneous exchange facility on the market.

Several users have condemned the decision taken by Shapeshift on social media. Over and above, do you think that compliance with the KYC requirements discourages users, or will it help in mass adoption eventually?

Ilya Bere: There are two sets of users. One set of users are those who desire to have guarantees and are ready to abide by rules. The other set of users are those who discard the idea of regulators. The second set may ultimately stop the use of integrated exchange stands.

BTCPay asserted that the company may open source Shapeshift by ensuring that it is simple for anybody to be liquidity provider. What do you think about it?

Ilya Bere: This is indeed a good idea. Changelly will offer support to initiatives that will provide a variety of choices for crypto users. This will necessitate some candid efforts to establish a solid product. The more players offering the services, the better for everyone.

What options do you think are available to users who do not want to reveal their private data?

Ilya Bere: In as much as a number of users have preference for decentralized exchanges, they are however faced with a lack of liquescency, meaning that you may not be able to purchase virtual asses for fiat money incognito. Such users can also have a look at other centralized exchange alternatives, though they have to trust in their capacity to provide brilliant service.

Do you Think Decentralized Exchanges are All Set for Prime-Time?

Ilya Bere: Versatile DEXs offered the most appropriate instruments for exchanging virtual assets for people who want anonymity. Presently, Changelly is looking at ways through which it can scale their products and amalgamate it with cross-atomic chain exchanges.

Finally, address the claim made by some people that Changelly can steal users’ Monero in case the company wanted to?

Ilya Bere: It is quite unfortunate that at times, the media is used as a tool of pressure on certain facilities. No one has ever said that our company can steal client’s money. It is even outrageous to discuss such a thing.

All firms working in the EU have to abide by the laws and have to be in a position of addressing any requests from the supervisory bodies for transparency. Changelly is always ready to meet its obligations and offer the best service to its users.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide