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3 hours ago, zenkert said:

Tried it. But way too complicated for the ordinary. They dont even know what IBAN is. I had to log in to my bank to check and get the IBAN for the account I was about to use.
A Techie solution. Great initiative, but more or less useless for mainstream adoption, is my judgement.

every time I transferred cash from my bank account to Coinbase I used my iban,  also my first excursion into Crypto I had to send money to estonia with iban number , I'm the village idiot and I managed so I don't think that will be a problem

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3 minutes ago, cannylad said:

every time I transferred cash from my bank account to Coinbase I used my iban,  also my first excursion into Crypto I had to send money to estonia with iban number , I'm the village idiot and I managed so I don't think that will be a problem

I used and still use SEPA-transfer to Bitstamp.

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17 minutes ago, zenkert said:

I used and still use SEPA-transfer to Bitstamp.

Bitbroker uk was Iban when I first got into crypto 2 years ago, transfering money to Estonia back to UK to find out they wouldn't accept me sending it back and losing money all the time peed me off,  thats when I joined CB 

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5 hours ago, zenkert said:

Tried it. But way too complicated for the ordinary. They dont even know what IBAN is. I had to log in to my bank to check and get the IBAN for the account I was about to use.
A Techie solution. Great initiative, but more or less useless for mainstream adoption, is my judgement.

I don’t know where you from but in Sweden everyone knows what IBAN is. If you ever send money overseas you’ve used it. And it’s not that hard to figure out. Just Google and you have an IBAN calculatir if your bank isn’t providing u with a number.

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12 minutes ago, mr_lazy85 said:

I don’t know where you from but in Sweden everyone knows what IBAN is. If you ever send money overseas you’ve used it. And it’s not that hard to figure out. Just Google and you have an IBAN calculatir if your bank isn’t providing u with a number.

Well that was not my issue. Never mind. Sometimes I better keep my mouth shut. Of course I have IBAN. BUT it is not on my Card. That was the issue. Had to login to my Bank to see the IBAN. After that, I got bored and did a SEPA-transfer instead to Bitstamp (saved fees on that too, since it is 0 fee). Case closed at least on my side of the table.

Edited by zenkert

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Am I the only one wondering about the compliance kyc/aml risks that @xrptipbot may be exposing yourself to by enabling value to flow in/out of a fiat jurisdiction? I trust you are on top of things, really like what you are doing.

If you have recieved legal council, and dont mind discussing the suggested licensing and regulatory considerations, that would be great!

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It even states on the XRParrot site that this is not meant to be used instead of exchanges if you have already registered in one. The 0.5% fee is also against it.

However, this is a great way of someone buying relatively small amounts of XRP for the use of XRPtipbot and decreasing the gap for getting into crypto by not going through the registration hassle exchanges would need. The 0.5% fee should not be too high anyway, considering the volatility and I think e.g. Bitstamp takes 0.25% anyway... or is it 0.15% nowadays.. 

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9 hours ago, KarmaCoverage said:

Am I the only one wondering about the compliance kyc/aml risks that @xrptipbot may be exposing yourself to by enabling value to flow in/out of a fiat jurisdiction? I trust you are on top of things, really like what you are doing.

If you have recieved legal council, and dont mind discussing the suggested licensing and regulatory considerations, that would be great!

Good points, and worth understanding in depth. However, Weitse does say that they store the source IBAN, phone number and destination XRP address for a period of 5 years, and since IBAN and phone number are used for verification, some parts of the KYC/AML at least are being taken care of.

Edited by fidgetspinner

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6 hours ago, fidgetspinner said:

Good points, and worth understanding in depth. However, Weitse does say that they store the source IBAN, phone number and destination XRP address for a period of 5 years, and since IBAN and phone number are used for verification, some parts of the KYC/AML at least are being taken care of.

 

15 hours ago, KarmaCoverage said:

Am I the only one wondering about the compliance kyc/aml risks that @xrptipbot may be exposing yourself to by enabling value to flow in/out of a fiat jurisdiction? I trust you are on top of things, really like what you are doing.

If you have recieved legal council, and dont mind discussing the suggested licensing and regulatory considerations, that would be great!

I got legal council and discussed this with the regulators in The Netherlands. Yes, of course KYC/AML apply, but crypto isn't money here in The Netherlands, so the licenses don't apply. I tried to be the most virtuous one and applied for licenses, and I was rejected since what described to be doing isn't subject to licensing (since it's crypto, not money).

Now of course I don't want to facilitate criminal activities, so I check and store IBAN, phone and destination details. I'll save them in case anyone (with authority) shows up at my doorstep. When payments come in, details are checked and the XRPL destination (BigQuery project) and phone + IBAN match + historic XRParrot transfers are checked. When in doubt, money will be refunded to the source IBAN.

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1 hour ago, xrptipbot said:

I got legal council and discussed this with the regulators in The Netherlands. Yes, of course KYC/AML apply, but crypto isn't money here in The Netherlands, so the licenses don't apply.

What about an MSB (non banking financial service) license, do they have that over there? "Money Service Business" under FinCEN regulations. 

How did they say regulations applied to international users? Maybe I should move to the Netherlands.

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My transaction completed at 09:25 am UTC. Of my 100€, 1€ became a fee too xrparrot and 99€ bought xrp resulting in 237,57 xrp added to my balance (0.417 €/xrp)

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Irish here and of course I have heard of IBAN.

It's a mix between account number and bank branch

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A BIC (Bank Identifier Code) is the SWIFT Address assigned to a bank in order to send automated payments quickly and accurately to the banks concerned. It uniquely identifies the name and country, (and sometimes the branch) of the bank involved.

IBAN (International Bank Account Number) is an international bank account identifier used to uniquely identify the account of a customer at a financial institution. This is the only permissible account identifier for SEPA payments.

The website is simplistic and does the job, I'll stick with Bitstmap but the site is a good entry point / solution for those in Europe lookign to purchase XRP. Anything that simplifies buying XRP is all good in my view.

Edited by Tayto

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