Exchanges that helps to change crypto to fiat and vice versa transact a lot of money each day for a business that is not taxable by the government for it does relate to any physical structure.
The cryptocurrency ecosystem came into being because of the fiat currencies. It is through the funds from banks that people are able to buy cryptocurrency coins and tokens. As time came in and the cryptocurrency ecosystem increased (as numbers of projects grew), there arose the need to be able to switch from one cryptocurrency to another, and change from cryptocurrency to fiat and vice versa. This need informed cryptocurrency exchanges. But cryptocurrency exchanges nowadays have a lot of challenges that prevent the entry for new adopters of the blockchain technology.
Many cryptocurrency exchanges have been shut down or limited because of various government policies which do not allow their operations. One of the major policy that limited many exchanges is Anti-Money Laundering. Crypto exchanges that help to change crypto to fiat and vice versa transact a lot of money each day for a business that is not taxable by the government for it does relate to any physical structure. Since a large amount of money is involved crypto exchanges accounts in the traditional banks have to be frozen or worst still closed down until matters are resolved with the governments. This was what informed Know Your Customer (KYC) policies where exchanges have to verify the identity of each and every one of its customers.
Registering in exchanges over the years has taken a hard turn has the process has become complex. Users with the right documents have to wait for days or weeks to complete their verification else they won’t be able to trade in the exchanges at all.
I had my own fair share of this experience. Aside from waiting for sometimes, the documents I presented for verifications was rejected even though it was government issued. I still face this same issue with many crypto exchanges today.
Trading in the crypto verse can be very complicating. Many times a trader has to move funds from one exchange to the other to be able to get his desired token. This is because all exchanges cannot have all tokens traded on it. While depositing or withdrawing from exchanges, exchanges deduct commissions from the funds to be withdrawn, this ranges from $2-$10 per withdrawal or deposit. This is so high especially for those who are coming from third world countries where their currency value is not so high against USD. Withdrawal can also take a lot of times: from days to weeks in some cases where there are complications. This doesn’t include bank charges when changing to fiat.
Many crypto exchanges have not been successful in protecting their users legally and from hackers.
Here Comes the Next Gen Crypto Exchange- Neluns
Neluns comes into the scene with a view to eradicating the challenges faced by all crypto investor. It is the adequate link between the cryptocurrency market and the traditional financial market. Neluns is creating a bank which can be used to save both fiat currency and cryptocurrency. Through the International Bank Account Number (IBAN) all registered users have access to multicurrency accounts to save USD, EUR, GBR and all cryptocurrencies of their choice. Neluns offers all benefits of a traditional bank to all its users. Not just this Neluns comes with a cryptocurrency exchange that will help users get rid of the complications they have experienced with other cryptocurrency exchanges in the past.
Neluns presents three-level verification for all its users depending on the choice of each user. The first level is the verification of email with a limit of $300 trade sums on the account. The second is the social network verification with a limit of $500 trade sums on the account. And the third is the identity and mobile number verification with no limitation. This allows all user from all over the world to trade even without verifiable documents.
Since Neluns offers the services of a bank for all its users, withdrawals are instant and users need not worry about huge withdrawal commissions. Users won’t have to worry about transferring funds to traditional banks since Neluns is a bank on its own. Neluns offers bank card for its users so they can use their funds from day to day.
Security and Legals
Neluns offers legal protections for all its users. With the cutting edge technology that will be utilized by the platform, users need not worry about cyber attacks as they are in safe hands. Neluns is created in compliance with all government policies.
All images Source: Neluns Whitepaper