loft.trade a KYC-less trading platform

[LoftTrader]

Hi all I'd like to introduce https://loft.trade a platform where you can leverage trading bitcoin without KYC, i was also wondering if there is a thread to compare those kind of platforms (both DEX and not). With bitcoin getting more traction every day it's interesting how it is *slowly* becoming the underlying asset for international trade and i believe we're going to see a lot of KYC-less exchanges and trading platform that allow for a more free access to trading and financial instruments in general, what do you think?

[logfiles]

Hi all I'd like to introduce https://loft.trade a platform where you can leverage trading bitcoin without KYC

You are such a bad liar, aren't you?

Ok lets see https://loft.trade/files/terms-and-conditions.pdf

By registering an account at loft.trade/signup through a mobile application provided by the Company, you become a Client and also represent, agree, and warrant that:

.....

That if we require any KYC-procedure you will provide correct, genuine and up-to-date information or documents.

.....

The Company reserves the right at any time to verify your identity for the purposes of complying with the any KYC/AML requirements. The Company reserves the right to impose trading limits and withdrawal limits before you are required to conduct Customer Due Diligence (CDD). You agree to cooperate fully with us throughout this process and that you will provide all documentation/information that we may require in order to verify your identity and to assess the purpose of the business relationship

The Company shall be entitled to terminate this Agreement immediately, close all open positions, block the Client’s account, and return any remaining funds (if applicable) and without giving prior notice under the following circumstances:

....

If the Client didn’t provide to the Company his KYC Documents if such documents were requested by the Company

Really?  Sorry If I didn't get the sarcasm.


Everything on your websites seems to be a lie: Archived; https://archive.vn/lP7lS
- https://loft.trade/files/privacy-policy.pdf
- https://loft.trade/files/anti-money-laundering-policy.pdf

[hugeblack]

With the passage of days, the word "KYC-less trading platform" will become a joke, unless the platform is decentralized and you can initiate it through your device expect that you will be asked to verify your identity at any time.

well known trading platform will give you small non-kyc limit and will ask you when you reach that limit.
fait-crypto trading platform will always ask you for your KYC.

[LoftTrader]

Hey sorry for the misleading title, let me explain. We have chosen to incorporate the company in a jurisdiction that allows for unlicensed CFD trading, as such we are not required to KYC our customers. However as `hugeblack` noted, we or our regulators, might eventually be forced to KYC some customer because of (for instance) international pressure or other reasons (imagine you are called Julian Assange). We're indeed taking some steps to mitigate this risk: on registration we don't collect emails or real names, we allow privacy-preserving connections to our website (TOR, VPN etc), we don't use fiat transfers but only bitcoin and only via Lightning Network to enhance even more the privacy of the payment. With this in mind we simply don't have enough information on you to assess who you are and where are you from, but don't forget you are still subject to the regulation of your home country and loft.trade (of CFD trading in general) might be forbidden for you. Now it seems to me that this kind of legal configuration is getting traction with several platforms choosing to incorporate in an offshore jurisdiction and then leveraging bitcoin to transfer value in/out of the platform and avoid KYC, it's working great for some. After all would you feel better if the trading platform wasn't backed by a company at all? We did make this choice aiming to provide more liability and accountability to the customer.

[hugeblack]

Hey sorry for the misleading title, let me explain. We have chosen to incorporate the company in a jurisdiction that allows for unlicensed CFD trading, as such we are not required to KYC our customers.

If you request data from users at any time, you must prove the place of business and the details of "incorporate the company in a jurisdiction that allows for unlicensed CFD trading."
It is unreasonable for you to require others to show their hobby and comply with court rulings while you are trying to hide yourself.

Generally, such activities are considered "gray" which means that the client's confidence in you is what will pay to use your platform, and you must also put a clear text that the customer can withdraw his money if he fails to pass KYC test, otherwise it must be imposed on all users.