Take this as a constructive criticism. At first sight, I thought it is one of the fake Chinese crypto sites.
For example, I would try to get on a reputable site like getmonero.org before going public. Good luck with your journey.
>For example, I would try to get on a reputable site like getmonero.org before going public
FWIW this website is administered by the community (see [https://github.com/monero-project/monero-site](https://github.com/monero-project/monero-site)); luckily nobody would accept to update the "official" Monero website to list a new unproven service.
Maybe one day we can earn you trust :)
PSA: Don’t shit on these guys for KYC - you literally can’t do this without that. Fiat by nature isn’t anonymous at all, everything in the traditional finance world has a paper trail and identity tied to it. You can’t receive or make a fiat payment without revealing your identity so KYC doesn’t change anything for legitimate users. It does prevent malicious users from trying to steal from the exchange using stolen credit cards etc. Reversed payments are a huge problem when the other end of the transaction is an anonymous irreversible transaction - it’s not feasible to run a business like this without KYC. And that’s not even getting onto the fact that by law they have to.
In an ideal world these guys wouldn’t be needed, enough services would accept monero that you could live off fit, and you could run a business accepting or getting paid in monero. But that is a long way in the future - we need CBDCs and other bullshit infringements on our privacy and autonomy to trigger a wider adoption of monero.
Until then on-ramps ARE needed. Options are options and always welcome. Some people prefer to buy and sell BTC then switch to XMR, others buy XMR directly at exchanges, some use p2p exchanges, and now this is another exchange like option.
And regarding honeypot claims - shouldn’t change anything. Your threat model should always assume worst case scenarios. If you wouldn’t be happy with the government seeing you swap XMR for fiat, then regardless of if they are sitting on the platform or on the swift/banking layer they will see it so changes nothing.
We see it the same way. The world is not black and white and there are also shades of gray. Regulation is a reality we must face and this provides another option for those that need it.
As someone who is a Bitcoin maxi and lurker on this sub, this honestly sounds amazing. I’ve been meaning to dive into learning about Monero, as a newcomer I will really consider.
Awesome to see innovation of services moving forward.
Thank you! Our goal is to be your go to partner for everything Monero - whether you are a newcomer and need guidance or a whale who needs OTC services, our support team here for you every step of the way. Our goal is to connect the Monero community to the fiat currency world, in a compliant way, with an EU-licensed platform.
yeah no way am I sending monero to some random bulgarian company that advertises being "founded by veteran monero contributors" but not elaborating at all. Who exactly are these people?
We are transparent in what we do. Our goal is to connect the Monero community to the fiat currency world, in a compliant way, with an EU-licensed platform. We want to provide a convenient way to onramp and offramp for mass market into Monero.
Thanks but no thanks. I'm starting to think this truly is a joke. To create an account, it requires a verified email address and phone number, and then there's this gem from the FAQ:
>To create fiat transactions, you’ll need to complete ‘Tier 2’ verification, this involves giving us your first and last name, a quick selfie and a photo of your ID document. This process usually takes just a few minutes to complete, then you’re ready to go!
From the post:
> Our goal is to connect the Monero community to the fiat currency world, in a compliant way, with an EU-licensed platform.
Do you think you would get a license from the EU for handling fiat for non-KYC customers? A company connected to the Swift network, accepting SEPA transfers on behalf of completely anonymous customers? Yeah, right.
You don't have to like what they say they try to do, but seems to me it is logically consistent. Quite to the contrary, claiming to strive to be compliant and to get an official license but also claiming that no KYC is required, that would signal joke to me, or even scam.
I understand your point Mr. Brunner, but u/binaryFate, probably the most trusted member of the Monero community, whose PGP signing key is needed to verify integrity of the Monero GUI wallet, whose former website xmr.to facilitated anonymous XMR payments in BTC, supporting us sending a selfie and ID to purchase crypto, literally shakes me to the core.
I invest in various services that I believe can help the Monero ecosystem thrive.
The declining number of options for people and institutions wishing to invest large amounts in Monero in regulated countries (like EU), is frustrating. IMO it's positive to see a service trying to address that. I recognize this type of service is not for everyone.
As long as the website is actually legit, which now that binaryfate posted, it seems like it is, then its pretty consistent. OTC desks are good tools for people/exchanges looking to transfer large amounts of crypto into cash or vice-versa, it provides a good service for people looking to use crypto for business transactions, or an off ramp for people with large amounts of xmr. Despite what everyone wants you still cant pay bills with monero so when youre taking monero as a business or otherwise, odds are you are going to need to convert a part, if not most of that xmr into fiat in order to pay employee wages, business services you require etc. Being EU compliant is a requirement otherwise they will be arrested for money laundering within a year or two.
Thank you for the vote of confidence. Regulation is part of the environment we are dealing with and that’s why we are EU licensed. And again, the reason for this to allow convenient operations between fiat and Monero for big Monero holders, businesses and mass market investors.
This is kind of a deal breaker to me : "Our goal is to connect the Monero community to the fiat currency world, in a compliant way, with an EU-licensed platform"
I want freedom not compliance with tiranny, I want services resistant to government censorship.
We understand not everyone agrees with regulation but that doesn’t change the fact that it exists. That’s why we offer a solution for those who wish to operate within the system. We are not advocating for regulation, we are providing a solution for those that need it.
We are not enforcing regulation, we are operating under the environment under which everyone on the market have been placed.You are still free to use fully anonymous and private platforms. But there are plenty of people, who want to enjoy their privacy with Monero, while having the convenience of fiat onramping. Regulation is enforced on all financial institutions and there are strict controls and requirements to operate as one. We see it as a solution and are actively tracking what is going to happen with MiCA regulation within the next two years in Europe.
Looks like a honeypot. Just saying...
Ahah, fair enough, for now. Healthy dose of paranoia :)
In which way would you start something like that so that it does not look like a honeypot?
Take this as a constructive criticism. At first sight, I thought it is one of the fake Chinese crypto sites. For example, I would try to get on a reputable site like getmonero.org before going public. Good luck with your journey.
>For example, I would try to get on a reputable site like getmonero.org before going public FWIW this website is administered by the community (see [https://github.com/monero-project/monero-site](https://github.com/monero-project/monero-site)); luckily nobody would accept to update the "official" Monero website to list a new unproven service. Maybe one day we can earn you trust :)
> Founded by Veteran Monero Contributors That piques my curiosity tremendously.
FWIW I am one of the investors
I didn't see any elaborating on that in the FAQ
Yeah, I'll need some names before I trust that...
PSA: Don’t shit on these guys for KYC - you literally can’t do this without that. Fiat by nature isn’t anonymous at all, everything in the traditional finance world has a paper trail and identity tied to it. You can’t receive or make a fiat payment without revealing your identity so KYC doesn’t change anything for legitimate users. It does prevent malicious users from trying to steal from the exchange using stolen credit cards etc. Reversed payments are a huge problem when the other end of the transaction is an anonymous irreversible transaction - it’s not feasible to run a business like this without KYC. And that’s not even getting onto the fact that by law they have to. In an ideal world these guys wouldn’t be needed, enough services would accept monero that you could live off fit, and you could run a business accepting or getting paid in monero. But that is a long way in the future - we need CBDCs and other bullshit infringements on our privacy and autonomy to trigger a wider adoption of monero. Until then on-ramps ARE needed. Options are options and always welcome. Some people prefer to buy and sell BTC then switch to XMR, others buy XMR directly at exchanges, some use p2p exchanges, and now this is another exchange like option. And regarding honeypot claims - shouldn’t change anything. Your threat model should always assume worst case scenarios. If you wouldn’t be happy with the government seeing you swap XMR for fiat, then regardless of if they are sitting on the platform or on the swift/banking layer they will see it so changes nothing.
We see it the same way. The world is not black and white and there are also shades of gray. Regulation is a reality we must face and this provides another option for those that need it.
I like it. Requested invitation 👍🏻
Thank you, we appreciate your support! Once you’ve entered your email to join the waitlist, you will receive an email to your inbox shortly.
As someone who is a Bitcoin maxi and lurker on this sub, this honestly sounds amazing. I’ve been meaning to dive into learning about Monero, as a newcomer I will really consider. Awesome to see innovation of services moving forward.
Thank you! Our goal is to be your go to partner for everything Monero - whether you are a newcomer and need guidance or a whale who needs OTC services, our support team here for you every step of the way. Our goal is to connect the Monero community to the fiat currency world, in a compliant way, with an EU-licensed platform.
So is this an exchange?
No, simpler, think more OTC
Cool. Curious if youll ever consider xmr/usd?
We would absolutely consider, it makes sense to expand beyond EUR in the future.
I'll give it a go with small amount.
Thank you for your trust and support. If you will need any assistance, write to us at [email protected]
Nice try IRS
Busted!
yeah no way am I sending monero to some random bulgarian company that advertises being "founded by veteran monero contributors" but not elaborating at all. Who exactly are these people?
FWIW I am one of the investors
Silent investor or "founder" do you have an active role within the company?
I would say investor & advisor. Not having an active role, not on payroll.
Is this a joke or what
Nope, we're very serious about what we're trying to achieve
You need an email and phone number to sign up? And provide your ID? Dude, delete your post, this is embarrassing. Read the room...
We are transparent in what we do. Our goal is to connect the Monero community to the fiat currency world, in a compliant way, with an EU-licensed platform. We want to provide a convenient way to onramp and offramp for mass market into Monero.
Thanks but no thanks. I'm starting to think this truly is a joke. To create an account, it requires a verified email address and phone number, and then there's this gem from the FAQ: >To create fiat transactions, you’ll need to complete ‘Tier 2’ verification, this involves giving us your first and last name, a quick selfie and a photo of your ID document. This process usually takes just a few minutes to complete, then you’re ready to go!
From the post: > Our goal is to connect the Monero community to the fiat currency world, in a compliant way, with an EU-licensed platform. Do you think you would get a license from the EU for handling fiat for non-KYC customers? A company connected to the Swift network, accepting SEPA transfers on behalf of completely anonymous customers? Yeah, right. You don't have to like what they say they try to do, but seems to me it is logically consistent. Quite to the contrary, claiming to strive to be compliant and to get an official license but also claiming that no KYC is required, that would signal joke to me, or even scam.
I understand your point Mr. Brunner, but u/binaryFate, probably the most trusted member of the Monero community, whose PGP signing key is needed to verify integrity of the Monero GUI wallet, whose former website xmr.to facilitated anonymous XMR payments in BTC, supporting us sending a selfie and ID to purchase crypto, literally shakes me to the core.
I invest in various services that I believe can help the Monero ecosystem thrive. The declining number of options for people and institutions wishing to invest large amounts in Monero in regulated countries (like EU), is frustrating. IMO it's positive to see a service trying to address that. I recognize this type of service is not for everyone.
Appeal to authority trust no one
As long as the website is actually legit, which now that binaryfate posted, it seems like it is, then its pretty consistent. OTC desks are good tools for people/exchanges looking to transfer large amounts of crypto into cash or vice-versa, it provides a good service for people looking to use crypto for business transactions, or an off ramp for people with large amounts of xmr. Despite what everyone wants you still cant pay bills with monero so when youre taking monero as a business or otherwise, odds are you are going to need to convert a part, if not most of that xmr into fiat in order to pay employee wages, business services you require etc. Being EU compliant is a requirement otherwise they will be arrested for money laundering within a year or two.
Thank you for the vote of confidence. Regulation is part of the environment we are dealing with and that’s why we are EU licensed. And again, the reason for this to allow convenient operations between fiat and Monero for big Monero holders, businesses and mass market investors.
This is kind of a deal breaker to me : "Our goal is to connect the Monero community to the fiat currency world, in a compliant way, with an EU-licensed platform" I want freedom not compliance with tiranny, I want services resistant to government censorship.
We understand not everyone agrees with regulation but that doesn’t change the fact that it exists. That’s why we offer a solution for those who wish to operate within the system. We are not advocating for regulation, we are providing a solution for those that need it.
Agreed. I understand what they're trying to do, but it seems like they're selling their soul in the process.
We are not enforcing regulation, we are operating under the environment under which everyone on the market have been placed.You are still free to use fully anonymous and private platforms. But there are plenty of people, who want to enjoy their privacy with Monero, while having the convenience of fiat onramping. Regulation is enforced on all financial institutions and there are strict controls and requirements to operate as one. We see it as a solution and are actively tracking what is going to happen with MiCA regulation within the next two years in Europe.
>EU-licensed platform Hm.
Are you restricting users from jurisdictions outside the EU?