We would like to take this opportunity to bring to your attention some crucial changes that will affect the SWAPD platform’s payment procedures. These modifications, largely influenced by restrictive EU laws, aim to enhance our community’s experience and comply with the ever-evolving financial regulations. We understand that change can bring about a degree of uncertainty, and we want to assure you that we’re committed to maintaining transparency throughout this process.
Shifting Away from Direct Wire Payments
Due to tightening EU laws surrounding monetary transactions, we foresee a scenario where SWAPD might need to gradually move away from direct wire payments. This decision has not been taken lightly, and it has been influenced by external forces beyond our control.
Embracing Cryptocurrency
In light of these upcoming changes, we are actively considering adopting a cryptocurrency-only payment model. While we’re still ironing out the details with our legal team, we want to assure you that the transition will be carefully managed to minimize any disruption.
Partnering with Guardarian.com
To ease the transition towards cryptocurrency, we are excited to announce our partnership with Guardarian.com, a secure and reliable online trading platform for FIAT/Crypto exchanges. Guardarian will allow us to host an in-house way of exchanging fiat to crypto, often instantly, with a modest 0.5% conversion fee. This partnership will make buying cryptocurrency a breeze for our members.
Introducing In-House Crypto-to-Crypto Swapping
Additionally, we are also introducing an in-house mechanism for swapping one type of cryptocurrency for another, for a nominal fee of 1.4%. For instance, if you have DogeCoin but need USDT quickly, you’ll be able to convert it almost instantly on SWAPD.
Direct FIAT to Crypto Addresses Exchange
To speed up the payment process, we will also enable direct exchange from FIAT into our crypto addresses. This convenience means you won’t need a separate crypto wallet to facilitate transactions.
Issuing Invoices for Crypto Payments
To further our commitment to transparency, we will start issuing invoices for crypto payments upon request.
These changes are in alignment with the current trends within the SWAPD community. Over 70% of transactions on SWAPD are already done in crypto, and the number continues to grow. With banks becoming increasingly skeptical of cryptocurrency, we hope these modifications will come as a welcomed change.
Guardarian’s safe trading environment will allow SWAPD members to pay with Visa, MasterCard, SEPA, SWIFT, Google Pay, and Apple Pay. Be aware that for larger transactions, you’ll need to comply with the standard KYC requirements, similar to any other exchange. The ID verification system is usually almost instantaneous, and once approved, you can exchange up to $7,000 USD per day, or $250 USD per day without ID verification.
As a fallback option, for those not wishing to verify with the exchange, you can always use the SWAPD Currency Exchange section to purchase crypto directly from other members.
We understand that these changes may require adjustments and we appreciate your understanding. As always, we are here to support you during this transition.
FREQUENTLY ASKED QUESTIONS
Why the change?
We’ve hired a top-dog lawyer that specializes in our industry. He shed some light on our operation that our current law firm missed. We want to stay as compliant as possible. We are fairly sure NONE of the competing sites in our industry are fully legal the way they’re currently set up. We want to be the first site to do so. Another big influence on our decision is how our bank treated us at the beginning of this year (freezing all of your funds for 5+ weeks). This is a huge liability. We simply no longer trust banks.
Is this decision final?
No. We’re still getting second opinions. Bankwire payments are still under a big question mark. But so far, it’s looking like SWAPD will go full crypto soon.
Will this hurt SWAPD?
Maybe. But year after year, bank wire payments drop. They now constitute 30% of our business (on a good month). Sometimes it’s as low as 10%.
What is the upside to this change?
- You will be able to use your credit card to instantly convert money to crypto, directly on SWAPD
- You will be able to swap crypto for crypto with ease
- It will shorten the ticket time (no more waiting for wires)
- All transactions will be invoiced
- We were actually fully reviewed and approved by Guardarian lawyers, so there shouldn’t be any surprises or termination of our account/funds
- Your funds will still be held safely in cold wallets. The only thing that will change is converting FIAT to CRYPTO, for users who need to purchase something fast but don’t have any crypto available
These changes will come gradually and we will announce them as they roll out. If you have any questions, feel free to ask!
Better for us!