Announcement: Significant Changes Coming to SWAPD - Here’s What You Need to Know

Credit cards ooh

2nd & 5th point update is what we needed desperately.

I think you shouldn’t discontinue USDT, I’m sure majority would agree with me on this one.

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Excited for the changes, let’s get it.

JP Morgan accounces the banning of using crypto sites today :smiling_face_with_tear: wtf do I do now smh

Nice improvements. However, please keep USDT :heart:

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+1 on keeping usdt pls

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Yes. Holding FIAT in the form of a wallet basically makes you a bank. Lots and lots of red tape, infrastructure, and money is required to run that. This is why we’re switching to 3rd party payment processors, as we’re forced to. Using them allows you to circumvent those laws, as you use their security measures and infrastructure (and legal backing) for conducting business.

Payment times will improve anyway since we’re dumping traditional wallets.

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ONE DAY! If we start making serious money, we will try to obtain the licenses needed to run a wallet. But for now, the current requirements in our country (off the top of my head) are like 135K EUR in security deposits and 4x permanent staff members (on contract) that deal with the money operation. They also have to go through proper certification (learn how to spot money laundering/and know who is a terrorist…)

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They all “suck”. Unfortunately, it’s the lawmakers in the Western world making moving money increasingly tricky. These companies are forced to do what they do, and at the same time, the government is forcing businesses to use these companies.

As I’ve mentioned in my first post, this is our last attempt of trying to appease the lawmakers. If the payment processors start messing with us again, we’re dumping FIAT, forever.

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Interesting facts.

Fiverr.com was (and still is) in the same predicament as we are. Fiverr is also an escrow site, and I am shocked to see that they use PayPal, even though you could find many services on SWAPD that Fiverr has to offer. Yet PayPal somehow hates us. Anywho, here is a PDF report (Security Exchange Commission/Fivver), where Fiverr tries to fight money transmitter licenses by providing the following arguments:

We may be subject to escrow, payment services and money transmitter regulations that may materially and adversely affect our business.

We rely on third parties to collect funds from buyers, remit payments to sellers and hold funds in connection with user balances. Although we believe that by working with a third party, our operations comply with existing U.S. federal and state and applicable international laws and regulatory requirements related to escrow, money transmission and the handling or moving of money, existing laws or regulations may change, and interpretations of existing laws and regulations may also change.

It seems there is pressure on them (or was, as this report is from 2021), to get a MT license, because in the report Fiverr said this:

It is also possible that we could become subject to regulatory enforcement or other proceedings in those states or other jurisdictions with escrow, money transmission or other similar statutes or regulatory requirements related to the handling or moving of money, which could in turn have a significant impact on our business, even if we were to ultimately prevail in such proceedings.

Even Fiverr knows MT licenses are stupidly crazy to obtain.

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To continue:

The application of laws and regulations related to escrow, money transmission and the handling or moving of money is complex and uncertain, particularly as they relate to new and evolving business models.

Yes, we know that, Fiverr :slight_smile:

If we are unable to maintain our payment partners and bank relationships, or if our disbursement partners encounter business difficulties, our business could be materially and adversely affected.

So, even Fiverr is constantly worried about these things (this actually makes me feel better).

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Keep USDT please , :pleading_face:

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Yeah, the introduction of USDC is good, but you shouldn’t remove USDT from the site.

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Do you mind shedding more light on this?
What security threats and stability concerns are associated with USDT?

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Lot of current payment processors and some high risk industry accepting ewalleta neobanks considering switching to USDT pay outs in 2024, whats reason for stopping to allow it ?
USDT is def important in todays ecosystem of payments .

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Keep USDT add Payoneer

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Am I the only one facing issues with the website right now? Hosting seems broken atm.

Schermafbeelding 2023-10-10 om 17.30.54

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Everything is fine.

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“EvERyThING iS fINe”

Dumpster Fire GIF by MOODMAN

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Did Payoneer get added as an option, or is it still in the process?