Is Australia’s Largest Digital Currency Exchange Tagz A Solid Option For Trading?
Australia-based crypto exchange TAGZ is reportedly one of the largest fully-regulated and licensed anti-money laundering (AML), counter-terrorism financing (CTF) compliant trading platforms in the digital asset industry.
When dealing with digital currencies, you want to make sure that you are trading on a compliant exchange. There’ve been many cases where a loosely regulated or non-regulated crypto trading platform has mismanaged users’ funds, resulting in significant personal financial losses for numerous traders and investors.
According to its official website, TAGZ is an AUSTRAC-registered “dual gateway exchange” for cryptocurrencies. AUSTRAC, which stands for Australian Transaction Reports and Analysis Centre, is an Australian government agency that uses modern financial intelligence and regulation to combat money laundering, terrorist financing, and other illicit activities.
There’s also a link to the exchange’s help and support desk, indicating that the platform’s staff are available and approachable. Unfortunately, the crypto space is filled with scams and shady exchanges, so knowing that staff members are easily reachable should make it easier and safer to perform trades through TAGZ.
However, when reviewing any exchange, one should also do a google search for news or updates from third-parties that have recently been published. In a recent interview with CryptoPotato, a reputable crypto and blockchain news outlet, CEO of Tagz Exchange Bryan Seiler confirmed that:
“Australia is quite stringent and strict on complying on all government policies surrounding digital currencies and DCE (digital currency exchange). So we have that respective licensing to be able to run that exchange. Also, the Australian Securities and Investment Commission (ASIC), compared to the U.S. SEC, oversee all Australian companies, registrations, licenses, definitely towards crypto and digital currency space as well.”
The Seiler claims: “We obviously have all that checked off.” In terms of security, which is one of the top concerns for digital asset exchanges, which have now been hacked numerous times, Seiler tells CryptoPotato:
“Hypothetically, even if there was [an attack or hack,] obviously we need that plan B, C, and D in place that if someone was able to get access, they can really only get 10% which is secured in custody anyway, so technically there are no losses to users.”
Seiler also notes that Tagz has its own artificial intelligence (AI) algorithms that are running in the background in real-time, and in the event that there’s any suspicious or potentially fraudulent activity, the exchange’s systems can suspend or even freeze that malicious user’s account.
Tagz’ chief executive confirms that the crypto exchange is presently in its beta stage and its developers are planning to launch the complete, and fully tested versions on iOS and Android apps fairly soon.
At some point later this year, Tagz will release its full-scale platform, which will notably feature Bitcoin margin trading. The exchange’s management is also planning to make its know-your-customer (KYC) process more transparent and easy to complete. Currently, the KYC checks take about 48 hours to complete, but the process should become faster later on.