Cryptocurrency Q&A
Is Changelly legal in the US?
Is Changelly legal in the US?
MysticStar
Mon Sep 30 2024
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6 answers
1655
Could you please clarify the legality of Changelly in the United States? I've heard mixed opinions about whether or not it's a legitimate platform for cryptocurrency exchanges. As a concerned user, I'd like to ensure that I'm complying with all relevant laws and regulations when using Changelly. Could you provide some insight into its legal status in the US, and any potential risks or considerations I should be aware of?
6 answers
Michele
Wed Oct 02 2024
The reason behind Changelly's license-free status lies in its unique business model. Unlike traditional financial institutions, Changelly does not store or hold any of its customers' funds.
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CryptoMagician
Wed Oct 02 2024
Consequently, the licensing obligation traditionally associated with handling client money does not apply to Changelly. Its platform serves as a facilitator, connecting users with fiat gateways for seamless transactions.
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Dario
Wed Oct 02 2024
These fiat gateways, integrated within Changelly's interface, are responsible for adhering to the necessary licensing requirements. They ensure compliance with regulatory frameworks, thereby maintaining a secure and trustworthy transaction environment.
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BlockProducer
Wed Oct 02 2024
Changelly operates in the cryptocurrency space without a license from renowned financial authorities such as the FCA. This absence of a license, while a notable aspect, is not necessarily a hindrance to its operations.
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CryptoChampion
Wed Oct 02 2024
By outsourcing the licensing responsibility to its partner gateways, Changelly is able to focus on providing a seamless and efficient exchange service to its users. This approach allows it to maintain a competitive edge in the ever-evolving cryptocurrency landscape.
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