Bitcoin Forum

Despite you have nicely designed your ANN, it is still poor and lack many details about the service. What does it mean split one deposit to different wallets? Do you mean different cryptocurrencies? When you say 100 wallets, you make it more confusing if I understood your point.

You said that no account is required to use the service. How you aim to apply the AML policy then? I read your TOS the section about KYC/AML and I see that there are cases to enforce KYC procedures. Can you tell how to detect those cases?

They mean that if you wanted to swap BTC for let's say Ethereum and you want the ETH in multiple addresses at ago, you can perform a transaction where your receiving addresses can be 10, 20 etc

But yeah, they haven't done any good job stating exactly how their service works. NO FAQ section as well

Funny enough is that they are partnering so many centralized exchanges that keep disturbing clients for KYC verification. Some even freeze funds for as long as they want. This is going to be a huge problem.

Is it just me, among other things, that this seems like a kind of mixer service?
In addition to the possibility of swapping between different currencies, it is also possible to send a coin and receive the same currency (BTC for BTC, ETH for ETH...) back from a different source.

If no accounts are required to use the service (which is far from what they say about how the operate), doesn't this sound like a mixing service? Or they are just pretending to offer the service without account registration requirement to attract users looking for anonymity who will think it's a mixing-like service then impose identity verification later. I can't deny this as a possible scenario since the OP is unresponsive as we see.

No, not remotely.

A mixer would be if you send the service BTC and you get another grade of BTC back.

But exchanges swap one crypto for another, so they don't qualify.

SplitNOW has the ability to "swap" BTC for BTC or ETH for ETH for a fee. This is a mixing feature, so this service can be considered a combination of mixer-swap.
I remember that eXch disabled such an option in order not to be subject to banning from this forum.

We explicitly state in our TOS, specifically in section 4.1 of the AML policy, that we never require KYC and there are no cases in which that would be required. Our AML practices are industry-standard: we score each wallet that sends a transaction through our platform based on their on-chain history, and automatically refund to sender deemed high risk. This is identical to how every compliant instant exchange company works.

Regarding splitting one deposit to multiple wallets, we allow you to fund say 100 ETH wallets using one BTC transaction. This is useful for things like payments - for example, we pay our employees in USDT but we keep our company treasury in BTC. Using our own product, we're able to do that in a single transaction.

Thank you for your feedback! We'll aim to make our offering much more clear and easy to understand. We understand the concern around centralized exchanges - our partnerships are solid and we're not concerned about any funds being frozen, but nevertheless, we offer a 0.1 BTC insurance policy on every transaction. In the rare case we're unable to service a user due to AML risk, we automatically process a refund to the original sending address. We never freeze funds or demand any form of KYC verification for any aspect of our service.

Our service is not a mixer - it's designed to make it easier for users, specifically businesses, to keep BTC and other cryptocurrencies on their balance sheets while remaining flexible with payments. With SplitNOW you can pay out any cryptocurrency to up to 100 people at once, in a single transaction. This is payment infrastructure, not a mixer service. The in-kind asset swaps are designed to make our multi-sending feature as versatile as possible.

If I understand correctly SplitNOW is just one more centralized exchange, but they claim they are never going to have any KYC.
I do understand the concept of sending coins to multiple addresses, but we already have that option in our own non-custodial wallets.
Sure, exchange to other altcoins and sending it like that to many addresses can be useful in some cases, but I can do the same thing manually and it's not that complicated.

This is still can be considered a mixing service as well. Let's say I have 100 XMR from unknown source and i want to swap them for USDT without being exposed. I can use a VPN to access your service and receive clean USDT without my identity being exposed. And even be more anonymous by splitting the amount between multiple addresses. I doubt the authorities would accept let you run such a service without enforcing KYC, otherwise you can find yourself involved in accusations of supporting frauds.

If I understood you well, you will act as intermediary between the user and the exchanger. Apart from this, anybody can split his funds manually or by using some tools to send to multiple addresses available online.

USDT and anonymity are by no means in the same category.
The way you say, every exchange service can be considered a mixer, if you follow the path BTC->$ANYTHING->BTC. To be considered a mixer in this case, the direct "exchange" BTC -> BTC is considered.