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CryptoExchange.com Review – Is it the best Bitcoin Escrow Service?

ECommerce experiences should be intuitive, making it easy for users to buy and receive physical products, digital items, and services from established businesses. Unfortunately, buying and selling goods can get more complicated when users must transact with each other directly. Fraudulent practices tend to increase in risk with the value of the item and method of payment.

For those planning to facilitate a purchase with bitcoin from an untrusted person or company, a bitcoin escrow service can help to minimize risks. CryptoExchange is one of these platforms. To determine if the platform deserves your trust and attention, we dive into what this service is and talk about if CryptoExchange is really one of the best on the market.

CryptoExchange overview

CryptoExchange.com is an exchange, marketplace, and escrow service built to help facilitate cryptocurrency transactions. CryptoExchange handles several product categories, including item domains, luxury vehicles, timepieces, and real estate. Before transacting with the account, users must provide an email and password as a part of their account setup.

CryptoExchange’s services aim to provide escrow services that ensure the safety of both the Buyer and the Seller, all at affordable rates.

How does a bitcoin escrow service work?

A bitcoin escrow service is a middleman between two participants in a crypto transaction. CryptoExchange will collect, hold and distribute funds when buyers and sellers have determined they are satisfied with their transaction. We can summarize the CryptoExchange escrow process in five key steps:

Buyer browses through the CryptoExchange marketplace until they locate a Seller with a product they are interested in.
The Buyer will pay the escrow service from their cryptocurrency wallet. CryptoExchange will verify they have received the funds.
The Seller will ship the item to the Buyer, and the Buyer will confirm the delivery.
The Buyer takes an inspection period to determine if they will accept the goods and inform CryptoExchange of their decision.
CryptoExchange will release the money to the Seller or help reverse the process in the event of a rejection.

CryptoExchange fees

To estimate the cost of the transaction, CryptoExchange provides an escrow fee calculator. Fees are listed in US dollars and bitcoin but can be changed based on the user’s transaction. Rates change in proportion to the cost of the item that requires escrow services, although there is a minimum flat fee of $32.50. These fees are in alignment, if not slightly less, on big-ticket items when compared to other platforms.

Platform features

CryptoExchange offers an exchange service, marketplace, and escrow service all in one platform. Therefore, users who want to take advantage of cryptocurrency payment benefits but don’t yet have a wallet set up can do so. Users can also purchase bitcoin, Litecoin, XRP, and Ethereum for fiat money with a credit card (Mastercard or Visa) or a debit card. Fees to purchase cryptocurrencies are 0.1% which is lower than the 0.2%-0.5% industry average.

Additionally, users may also struggle to locate a Seller independently and can take advantage of the global network on CryptoExchange.

User interface

CryptoExchange resembles any other eCommerce platform. Users can add items to their cart or engage with the escrow service separately. The platform’s dashboard guides first-time users through the escrow process, prompting the Buyer and Seller when they must complete an item or task.

Assessing a user interface can be a subjective metric. However, the platform meets the standard set by similar platforms.

Support of large companies

To facilitate transactions, CryptoExchange partners with big names, including the watchmaker Jacob & Co and CarVault. Entrepreneur, Forbes, and Yahoo Finance have also provided features of CryptoExchange, further enhancing its reputation.

Buyer and seller protection

Like other platforms of its kind, the Buyer and Seller start by agreeing to a set of terms. Only after doing so can they proceed with the transaction. The platform permits an “assessment period” where the purchaser gets an opportunity to assess the quality of the product before accepting it. The assessment protects buyers from feeling “stuck” with a product offering that doesn’t meet the description online.

Sellers have full confidence the Buyer has the money to purchase their offering, and in the event of a dispute, they will receive their product back in the same quality.

Bottom line

CryptoExchange provides users with a competitive offering – guaranteeing that BTC will only be sent to a seller when they deliver the goods and services as promised.

Before selecting an escrow service, users are still encouraged to do their own research, so they feel confident in the platform’s reputation. However, from our initial review, the platform is among the best escrow services available to users today.

LSG Group Says Crypto Exchanges Dealing in Russia Could See Setbacks

The head of the London Stock Exchange Group said that cryptocurrency exchanges engaging with Russia could see negative consequences as Western governments look for ways to tackle Moscow’s invasion of Ukraine.

Crypto exchanges have turned a blind eye to orders for a cut off of all Russian users, which has given rise to concerns that Russia could use cryptocurrencies as a loophole to navigate around sanctions that have been put upon the country by the United States and Europe.

David Schwimmer, LSEG’s chief executive officer, said that crypto exchanges are stuck in between either abiding by the philosophy of independence from regulation or supporting the centralised system of global finance – which calls for the requirement of regulation and transparent frameworks.

“If that industry is seen as a bad actor … on the implementation of, or the avoidance of, sanctions in terms with what’s going on with Russia, I think that would have a long-term impact in terms of how that industry is perceived,” he said at a conference hosted by the Futures Industry Association in Boca Raton, Florida.

Recently, Japan has also urged crypto exchanges to stop business in Russia.

Following concerns from the Group of Seven (G7) nations, the country requested crypto exchanges to cancel transactions of crypto assets that are subject to asset-freeze sanctions against Russia and Belarus, Reuters reported citing national officials.

Blockchain.News reported that concerns among the G7 economies have been growing. They believe that the Russian government uses cryptocurrencies to tackle financial sanctions imposed upon the country for invading Ukraine.

Meanwhile, payment operators have already been following the orders of sanctions issued by the U.S.

American Express, Visa, Mastercard, and PayPal have announced the suspension of their operations in Russia in protest of its ongoing invasion of Ukraine.

The report added that four operators stated that cards issued by them would no longer function at shops or ATMs in Russia, and that also means customers will no longer be able to use their Russian cards abroad or for international payments.

Kraken Under Probe for Allegedly Violating US Sanctions on Iran

Cryptocurrency exchange Kraken is under federal investigation for potential violation of U.S. sanctions by allowing users in Iran and elsewhere to purchase and sell digital tokens, the New York Times reported citing sources familiar with the matter.

Five people with knowledge of the matter or exchange affiliation told the New York Times that Kraken is suspected of allowing customers in Iran and other sanctioned nations to use its exchange despite public calls prohibiting companies from doing so. The report stated that the sources requested for their identities to remain anonymous due to fear of retaliation.

The United States has upheld economic sanctions against Iran since 1979, and this means businesses based in the U.S. cannot do business with Iran or buy/sell goods to anyone in the nation.

According to the report, the U.S. Treasury Department’s Office of Foreign Assets Control has been investigating Kraken since 2019 and is expected to impose a fine on the exchange. However, the regulator has not indicated a timeline for the enforcement action.

Kraken Chief Legal Officer Marco Santori talked about the development and said the exchange would not comment “on specific discussions with regulators.” The executive further stated: “Kraken has robust compliance measures in place and continues to grow its compliance team to match its business growth. Kraken closely monitors compliance with sanctions laws and, as a general matter, reports to regulators even potential issues”.

Several crypto platforms have proactively blocked platform access to users in Iran, and North Korea, among many others, in the face of a growing debate concerning international sanctions.

In March, the world’s largest NFT marketplace, OpenSea, blocked Iranian users from its platform when it enforced U.S. sanctions against Iran. In November last year, Ethereum software powerhouse ConsenSys blocked Iranian students from accessing its online programming course.

Enforcement Actions on Crypto

In the past, the US Treasury has charged several crypto firms for their alleged role in facilitating transactions violating federal sanctions. In December 2020, the Treasury imposed a fine of $99,000 on digital asset platform BitGo for violations of multiple sanctions programs. In February last year, the Treasury reached a $507,375 settlement with digital currency platform BitPay for alleged sanctions violations.

Kraken was also previously identified as one of a few crypto exchanges avoiding an outright ban of Russian accounts. Kraken’s CEO and co-founder, Jesse Powell, was recently put in the spotlight over his willingness to challenge regulations he considers as unfair, including international sanctions.

In March, Powell stated that his exchange was in compliance with the legal sanctions’ requirements but admitted that indiscriminate bans were unfair to average Russians, who might not support the country’s invasion of Ukraine.

In May last year, The IRS, whose parent organization is the US Treasury, ordered Kraken through court intervention to disclose identities of users who have been transacting in cryptocurrency on the exchange.

While in September last year, the U.S. Commodity Futures Trading Commission (CFTC) charged Kraken with a penalty worth $1.25 million for listing illegal off-exchange digital asset trading and failing to register as required by the law.

OKX and Manchester City’s Rúben Dias Debut ‘Train Like Dias’ Global Metaverse Training Experience

Victoria, Seychelles, 3rd April, 2023, Chainwire

OKX, the world’s second-largest crypto exchange by trading volume and a leading Web3 technology company, today debuted ‘Train Like Dias’ its first ‘OKX Collective’ immersive metaverse fan experience featuring OKX ambassador and Manchester City player Rúben Dias.

“Train like Días” empowers fans to follow some of Rúben Días’ favourite training techniques and to benefit from his coaching and performance tips in the OKX Collective metaverse. Rúben Días has played for Manchester City since 2020 and the Portugal national team since 2018.

The OKX Collective is a unique virtual metaverse environment that allows fans to participate in Web3 first-hand and gain access to special content from Manchester City players Alex Greenwood, Ilkay Gündoğan, Jack Grealish and Rúben Dias.

Rúben Dias said: “The OKX Collective is a unique way to bring fan interactions to the next level. Through the metaverse, we can give fans across the globe a glimpse into how I prepare for matchday and maybe how they can improve their own game.”

Haider Rafique, Global Chief Marketing Officer at OKX, said: “The possibilities that Web3 can offer are vast and only limited by our own imaginations. The way “Train Like Días” brings Rúben and his fans closer together is another great example of what this technology allows. The OKX Collective is just getting started, and we can’t wait to reveal what Alex Greenwood, Ilkay Gündoğan and Jack Grealish have in store for fans later this season.”

Fans who visit the OKX Collective will be treated to special experiences designed around each player’s playing style and personal interests. In addition to exclusive training content, these will also include music and NFT-based digital experiences. Within the metaverse, fans can also enter competitions to win exciting prizes, including passes to team trainings, match tickets and much more.

To enter the OKX Collective metaverse, fans simply need to click this link okx-metaverse.com and create their personalised avatar.

OKX is the official training kit partner for Manchester City Football Club for the 2022/23 season.

About OKX

OKX is a world-leading technology company building the future of Web3. Known as one of the fastest and most reliable crypto trading platforms for investors and professional traders everywhere, OKX’s crypto exchange is the second largest globally by trading volume and is trusted by more than 50 million users.

OKX’s leading self-custody solutions include the Web3-compatible OKX Wallet, which allows users greater control of their assets while expanding access to DEXs, NFT marketplaces, DeFi, GameFi and thousands of dApps.

OKX partners with a number of the world’s top brands and athletes, including: English Premier League champions Manchester City F.C., McLaren Formula 1, The Tribeca Festival, golfer Ian Poulter, Olympian Scotty James, and F1 driver Daniel Ricciardo.

OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis.

To learn more about OKX, download our app or visit: okx.com

Disclaimer

THIS ANNOUNCEMENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY. IT IS NOT INTENDED TO PROVIDE ANY INVESTMENT, TAX, OR LEGAL ADVICE, NOR SHOULD IT BE CONSIDERED AN OFFER TO PURCHASE, SELL, OR HOLD DIGITAL ASSETS. DIGITAL ASSETS, INCLUDING STABLECOINS, INVOLVE A HIGH DEGREE OF RISK, CAN FLUCTUATE GREATLY, AND CAN EVEN BECOME WORTHLESS. OKX IS NOT REGULATED BY THE FCA, THUS, PROTECTIONS SUCH AS THE FINANCIAL OMBUDSMAN SERVICE OR FINANCIAL SERVICES COMPENSATION SCHEME WILL NOT BE AVAILABLE. YOU SHOULD CONSIDER WHETHER YOU UNDERSTAND HOW CRYPTO WORKS AND WHETHER TRADING OR HOLDING DIGITAL ASSETS IS SUITABLE FOR YOU IN LIGHT OF YOUR FINANCIAL CONDITION. THE VALUE OF YOUR DIGITAL ASSETS, INCLUDING STABLECOINS, CAN INCREASE OR DECREASE AND PROFITS MAY BE SUBJECT TO CAPITAL GAINS TAX. PAST PERFORMANCE DOES NOT INDICATE FUTURE RESULTS. PLEASE CONSULT YOUR LEGAL/TAX/INVESTMENT PROFESSIONAL FOR QUESTIONS ABOUT YOUR SPECIFIC CIRCUMSTANCES.

Contact

OKXmedia@okx.com