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1  Economy / Exchanges / Re: [Closed] ZeusMEX — instant cryptocurrency exchange. on: June 07, 2024, 09:50:04 AM
Even though I cannot substantiate this line of thought, I really feel it has something to do with the authorities. The closure was sudden considering that they rarely even started. Every business takes sometimes to become profitable and a business of this magnitude should have envisaged some challenges at the beginning if there were no external factors at play here. So my best guess is that they ran into problems with the authorities which might have made the investors incur some losses in a business that is just getting started.

There is no conspiracy theory here. It’s just that our investor had financial difficulties, this is not related to the project, but due to family circumstances of our investor. Therefore, we spoke honestly about this and suspended work a few days ago.
2  Economy / Exchanges / Re: ZeusMEX — instant cryptocurrency exchange. on: June 01, 2024, 07:42:11 PM
At the moment, our service is undergoing technical maintenance. All obligations to our clients were fulfilled before starting the maintenance. We apologize for any inconvenience caused. We will keep you informed about future updates.

Unfortunately, due to the financial problems of our investor, our exchange cannot continue to operate. We will inform you about future updates if there are any
3  Economy / Exchanges / Re: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. on: May 31, 2024, 09:00:34 PM
It’s true that following this process, clients might lose their funds but, is that even possible! That an exchange address be flagged?

If ever their is an AML flag on an address, isn’t that supposedly to be on the input address to the exchange rather than having an exchange output address as a flagged address? That is, in assumption that, it isn’t a hack situation  on the exchange itself but even then, it would make sense having to do refunds to the exchange address as the funds doesn’t originally belongs to the client.

I think this could be looked at case by case and not fully automated. A situation where the system could flag some address having AML flags on it to be exchange related and require some diligence in its handling.
Let me explain with an example. When a client initiates an exchange, a unique address for payment is generated for them. When you deposit funds, an AML check is performed. If the AML level is acceptable, the exchange proceeds. If the funds have a high AML risk, the exchange is suspended, and a form for returning the funds is provided to the client, where they need to specify an address and click the "Send" button. The funds will be returned from the same unique deposit address to the specified return address. As a company, we do not have the legal authority to act at our discretion and decide what to do with the money; a court decision is required for that. However, we are obligated to not facilitate money laundering. In such a case, even if a client attempts to exchange stolen funds, they will not succeed. In the blockchain, it will appear as if he transferred funds from address A to address B, and then back to address A or D. Therefore, they will not be able to hide traces or launder the funds.

Okay I understand but my suggestion is exchange should be cryptocurrency to fiat  and not cryptocurrency to cryptocurrency, if you want to market your service in the whole wide. We have a lot of exchanges that exchange crypto/crypto. And all the centralized exchanges do that and their services are all currencies but yours different and the method of transaction is where I am interested in. Because it looks like a mixing operating system.
We are a cryptocurrency exchange for instant cryptocurrency exchange, operating exclusively with cryptocurrencies without fiat. We have never had, do not have, and will not have functionality for mixing cryptocurrencies. There are many other CEX and DEX platforms that deal exclusively with cryptocurrencies, but that does not mean they are cryptocurrency mixing exchanges.



4  Economy / Exchanges / Re: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. on: May 31, 2024, 06:18:36 PM
Anyway, this is the weirdest way, potentially causing further problems since private keys are not supposed to be shared between 2 or more parties. If I somehow get caught on AML radar, I can just withdraw my funds while I file complaint that it wasn't me who did it.
Let me explain. To send ERC/TRC/BEP-20 tokens, need to pay for gas in the network's native token. Accordingly, when a client makes a payment for a request, for example, in USDT ERC20, and it has a high AML risk, our service will suspend such an exchange, and the client will be given a private key that holds their funds. We cannot send these funds to the client's address because it requires ETH on the deposit address to send the tokens. According to our rules, we also cannot send ETH to this address for sending tokens, because in that case, our service would be associated with cryptocurrency exceeding the AML risk. As a company that complies with AML regulations on par with other exchanges, in case of a token refund, we can only provide the private key where these tokens are stored.

Please can the Op tell me what kind of exchange?
We are a centralized exchange that only exchanges cryptocurrency. We do not work with fiat.
5  Economy / Exchanges / Re: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. on: May 31, 2024, 11:33:23 AM
Wouldn’t this be helping the user even further in illicit purposes with user having to specify a return address?

This could be the case as user would just generate a new  address to request a refund on.
The more preferred option to me and as in the company T&C would have been to return coin to the address from which it was sent, having to use proper fee deduction in the process. Which would be swift and fully automated.
No, this won't help the user in illegal activities. Because refunds will be made from the unique address to which the client previously made payment for a request that didn't pass AML. That is, the client's funds that didn't pass AML remain at the same unique address created for the request's payment until the client specifies a return address and presses the send button. Thus, our service will in no way have any connection with funds subject to high AML levels, and this won't give the client the opportunity to anonymize their transaction in any way, because in the blockchain, it will look like they transferred from address A to address B, and then from address B back to address A or to address C, D, and so on.

To process refunds to the address from which the request payment was made is not a good idea because many people may make payments from exchanges, and in such cases, the refund would be automatically processed to the exchange address, potentially causing the client to lose their funds.
6  Economy / Exchanges / Re: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. on: May 31, 2024, 10:06:59 AM
OK, that makes sense, you just didn't write precisely earlier.
For such a scenario, you should have a mandatory (before exchanging process) field for the refund address, as well as a mandatory (before exchanging process) download letter of guarantee with all order information. Accidentally closing the browser complicates things quite a bit. For example where to enter my order code after reopening your site?
You know, this is a very valuable remark and it makes sense. I will pass this on to the team, and we will consider adding an option to specify the return address before creating an order (optional), as well as adding a guarantee letter and a separate column on the website, so that if the page is closed, the client can return to the order page using the unique order number. This is exactly why our platform is currently in beta mode, to hear the opinions, suggestions, and comments of all users in order to make the platform better.

If users could specify the wallet address before getting the refund, then it's okay. But you said it's an automated process which may confuse examplens and the line "the funds will automatically return to the address from which the payment for the exchange request was made". After reading that line, I also thought the refund would return to the address it came from.
Automated in the sense that the client does not need to contact support to request a refund, but simply specify the address to which they would like the refund to be sent and click the submit button. But as we mentioned above, we will discuss with the team the idea of also adding the option to specify the return address before creating an order.

at this stage, It will be appropriate to add Proof of Reserve or deposit 1 Bitcoin in the forum’s escrow. This will help to trust the service as they are sure that their money is safe because there is a deposit in the escrow.
Yes, our goal is to make this as transparent as possible for our clients, and we have several ideas, including guarantee letters, that we plan to implement.
7  Economy / Exchanges / Re: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. on: May 30, 2024, 10:50:22 PM
It's still a bad idea and will probably cause additional problems and doubts about your service.

I'll try one more time. Some services, for example CEX's, casinos etc... use different wallets/addresses for deposits and withdrawals of their users. For example, the deposit goes to the cold wallet and address A (connected with the user account), while the withdrawal is made from the hot wallet and address B. So, in case the user going to withdraw and send BTC directly from his casino account to your exchange, it comes from address B. If you judge that the coins do not pass your AML control, you will return them to address B, which is not exclusively connected to a specific user account.
Everything is automated and not reversible.

The epilogue is that you sent a donation to the casino, and you will claim that you acted fairly, but the user was left without his funds.
The casino in this case is just an example, although coins from there often have an AML problem. Also, sending directly from the casino (or other services) to the exchange is not a good practice, but it happens quite often, so I would not rule out this possibility.

Once a mistake like this happens, you'll be left with negative feedback forever, or you'll be paying out of pocket to cover it up.

You misunderstood me, or perhaps I didn't explain myself clearly. Let me try to explain again. What I meant is that the funds are returned from the deposit address to which the payment was made, not from any other address. Therefore, this is not a problem because, for the refund, the client will need to specify the required address for the refund and confirm it by clicking the "Submit" button to process the refund. Thus, such an error will not occur. I apologize if I misled you.
8  Economy / Exchanges / Re: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. on: May 30, 2024, 08:30:24 PM
This can cause additional problems, and this should be visibly indicated during the exchange process. It does not necessarily mean that the user can receive Bitcoin at the same address from which it was sent.
It will probably be necessary to explain your AML verification method, there are really many different interpretations.
We utilize several advanced AML data providers to maintain an acceptable level of AML risk on par with other CEX platforms. Our platform's objective is to provide the best service for instant cryptocurrency exchange, but we will never facilitate the laundering of stolen funds or those obtained through hacking, and so forth. When a client creates an exchange request, a unique address is generated for payment. If the client sends cryptocurrency with a high AML risk to this address, the exchange will be immediately suspended by our system. After that, the client will be prompted on the request page to specify a return address and press the "Send" button. After this action, the funds will automatically return to the address from which the payment for the exchange request was made. This system is fully automated.


You should think about partner/affiliate programs also.
Affiliate program is in development and is also in its final stage.

What additional trading pairs may be added, Monero for example??
Yes, we plan to add Monero, it is also in the final stage of development, and in the future, there are plans to add other coins and tokens

I tried to exchange USDT --> BTC and entered my Bitcoin address, but I cannot see the address before making exchange (it would be appropriate to see the address to verify that it is the correct address)
You can see the entered address when creating an exchange before pressing the 'Start Exchange' button, as well as after completing the exchange on the order page. However, your suggestion also makes sense; I will pass it to our team, and we will try to work on this aspect. Thank you very much for the suggestion; we greatly appreciate such feedback.

Since exchange is made from your reserves, is it possible to indicate the remaining reserve? I see that current maximum is 8660.26582 USDT. Is this the current reserve?
Yes, when entering the exchange amount, you are shown the minimum and maximum values ​​that our platform can process for the exchange. We are currently in the beta version, working with low liquidity. Additionally, we plan to add a separate section on the website displaying the current data of our liquidity reserves.


I want to thank each of you for your suggestions and feedback on our platform. It is very valuable to our team; we want to hear from everyone to make our platform better.
9  Economy / Exchanges / Re: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. on: May 30, 2024, 09:03:45 AM
1. How about a field where a refund address is entered way before an order is made. Perhaps on that page where the receiving address is entered?
I am thinking this could be convenient just in case a user accidentally closes the order page and does not remember the order ID.


Good afternoon.

Thank you for your suggestion; we are happy to hear from everyone to improve our platform.

I will pass this on to the team, and we will consider how best to implement your idea. Even if you accidentally closed the page and it was not saved, you can always contact support, and they will definitely help you.

With respect,
The ZeusMEX Team!
10  Economy / Exchanges / Re: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. on: May 29, 2024, 03:42:05 PM
I'm not sure if you're picking a good name for your service, because the first time when I see your domain name, I automatically think your service is a tumbler/mixer.

If you have Tor version it will be better since you're promoting "anonymity".

We do not charge a fee for refunds. The return of tokens is done by sending the private key where your funds are stored, or, in the case of coins, a form will appear on the exchange page where you need to enter the address to which you want to return the funds and click the "Submit" button. After this, your funds will be automatically returned to you.
Even though it's a good thing you want to refund the money and covered the transaction fees, but I still don't like the way you make Bitcoin as non fungible.

Good afternoon.

Thank you for your feedback.

ZeusMEX is a platform for instant cryptocurrency exchange. We do not have and will not have functionality for mixing cryptocurrency. I would like to point out that many mixers do not have the word "mix" in their name, but they are still mixers, so this cannot be a definition of a mixer.

The onion website will be launched next week.

Regarding the topic of refunds, maybe I was misunderstood, but our service does not charge a fee for refunds; however, the network fee remains the user's responsibility. For example, when an exchange request is created, a unique address is generated for this request, to which the client must make the payment. The client transfers, for instance, BTC to this address. After the required number of confirmations, an AML check takes place. If the funds pass the AML check, the exchange continues; if they do not pass, a refund form appears on the exchange page, where you need to specify the address to which you want your BTC returned and click the "submit" button. After this, your bitcoins will be returned instantly from the same unique funding address to which you made the payment for the exchange request.

With respect,
The ZeusMEX Team!
11  Economy / Exchanges / Re: Zeusmix — instant cryptocurrency exchange. No registration or KYC required. on: May 29, 2024, 08:52:43 AM
Quote
   ZeusMEX does not charge a fee for refunds. Refunds for TRC-20, BEP-20, and ERC-20 tokens are made by sending the user the private key that holds their funds.
How about the other coins like Bitcoin, Dogecoin etc

Good day.

Thank you for your feedback; it is very valuable to us.

We do not charge a fee for refunds. The return of tokens is done by sending the private key where your funds are stored, or, in the case of coins, a form will appear on the exchange page where you need to enter the address to which you want to return the funds and click the "Submit" button. After this, your funds will be automatically returned to you.

With respect,
The ZeusMEX Team!

12  Economy / Exchanges / [Closed] ZeusMEX — instant cryptocurrency exchange. on: May 28, 2024, 03:55:12 PM
ZeusMEX — instant cryptocurrency exchange.

Unfortunately, due to the financial losses of our investor, our exchange cannot continue to operate at the moment.
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