Over The Counter Cryptocurrency Trading: A Regulatory Chasm
Where Protections Vanish.Perhaps the most significant peril in over the counter trade for cryptocurrency stems from its largely unregulated nature. Unlike established exchanges that adhere to strict Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols, many OTC deals operate in a regulatory vacuum. This absence of oversight creates a breeding ground for illicit activities, attracting bad actors seeking to exploit the system. When you engage in an OTC transaction, you effectively step outside the protective framework designed to safeguard your assets and identity. There are no central authorities to mediate disputes, enforce agreements, or recover stolen funds. This means that if something goes awry, your avenues for recourse are severely limited, often non-existent. This regulatory chasm not only invites fraudulent activities but also places participants at risk of unknowingly facilitating money laundering or other illegal financial operations. The lack of stringent checks can entangle innocent traders in legal quagmires, turning a simple cryptocurrency transaction into a complex and dangerous legal battle. |
Spyros
Consultant on web3, crypto.
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