The popular online gaming platform Chess.com recently announced the discontinuation of Bitcoin [BTC] and Bitcoin Cash [BCH] as a payment method for premium subscriptions.
CEO Erik Allebest stated that the option had to be taken out due to Know-Your-Customer [KYC] compliance issues. He mentioned that BitPay, the platform’s Bitcoin payment processor, was refusing to accept payments valued over $10.
The announcement drew the attention of a lot of Redditors who questioned the decision.
Allebest explained that Chess.com’s crypto payments were earlier handled through Coinbase’s payment processing system. However, there was major depreciation of the payment links in the past, which led to the cryptocurrency exchange announcing the introduction of Coinbase merchant. The change of merchant added to the recurring conditions of reduced volumes and interest in the crypto market, contributing to their immediate termination.
The KYC compliance obligation surfaced when Allebest first noticed that the receipt of 100 automated emails from BitPay, with the subject marked as ‘Cannot receive payment.’ He claimed that BitPay did not make the $10 limit condition prominent enough in the registration process.
He furthered stated that the KYC compliance step was very frustrating. To fix the whole situation, the CEO of the company transferred over his personal utility bills and mortgage documents, photos of his driver’s license or passport, and a set of other documents related to the company.
BitPay is the world’s leading Bitcoin and Bitcoin Cash processor, allowing merchants and users to receive BTC and BCH token from all over the globe. However, the exchange was extensively criticized at Trust Pilot, which gave the exchange only a two-star rating.
One of the Trust Pilot reviews stated,
“The sole presence of this service is making everyone’s life hard. I could not pay an invoice using their own wallet copay. I don’t know if this is normal for you but to me seems incredibly stupid.”
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SnapEX: a Contract Trading Platform for everyone-Featuring as app, A web Trader and Discounted Fees
Hong Kong-SnapEx, a new cryptocurrency contract trading platform has just launched a web trader and offering 50% off its transaction fees until further notice.
Contract trading – a financial instrument that allows traders to profit from market movements without owning the trading asset – is relatively new in the crypto market. There are only a few platforms offering crypto contract trading and are mostly catered for experienced traders. SnapEx, on the other hand, is created for the every day trader – making it an ideal option for everyone from first-time to seasoned traders.
Unlike other contract trading platforms, the digital asset prices on SnapEx are far more stable – achieved by using a K-line weighted average drawn from 4 major crypto exchanges. There is also zero platform spread which minimizes slippages.
Users can trade contracts on SnapEx from as low as 5 USDT and leverage as high as 100x. The low entry bar into contract trading on SnapEx aims to attract both crypto and non-crypto traders while encouraging greater adoption of the blockchain industry.
Ee Wui Yang, the CMO of SnapEx, said,
“We created SnapEx for everyone, no matter your age, gender or trading expertise. In fact, we’ve made it as easy as possible for even novice users to trade easily on our platform. We have lots of plans to roll-out in the near future, and we can’t wait to share the news with all of you.”
With the official launch of SnapEx web trader, users can choose to trade using the app, web trader or both. Those who prefer trading exclusively on a PC or laptop can now trade easily from their desktops.
SnapEx web trader features an integrated trading view, industrial grade charts, a full range of TA tools, and modular viewing panels that allow users to shift layouts to their preference – including choosing between light or dark themes. The user-friendly toolbars on the web trader also allow users to quickly gain access to available trading pairs on the platform.
With SnapEx contract trading, you can easily hedge market risks with only a small amount of capital and without needing to purchase the actual trading asset. In addition, SnapEx contract trading does not have an expiry date, which allows the flexibility to close positions according to market changes.
Since its launch early this year, SnapEx has entered into a series of strategic partnerships with industry-leading platforms like EcoTree [South Korea’s leading new cryptocurrency promotion company], Coin25ex [a large real-time cryptocurrency trading platform based in South Korea], and Bestex [a professional digital asset spot trading service provider].
Ee Wui Yang, the CMO of SnapEx, stated,
“These tripartite partnerships were made in a bid to create greater value for all our traders, with both parties reaching a consensus of empowering user autonomy and returning real value to our users. We’re in this for the long haul and looking forward to making crypto contract trading accessible to everyone.”
SnapEx is rapidly expanding, continuously improving its products and offerings, and currently in the process of securing more key partnerships to multiply value for crypto contract traders and bolster relationships within the blockchain industry. The team is in this for the long haul and committed to becoming a new global force in this exciting, bourgeoning cryptocurrency trading space.
SnapEx is a global service-oriented digital currency contract trading platform created and managed by a professional R&D and dedicated management team. The platform provides a user-friendly yet robust trading system, secure and rigorous fund management, and intimate services.
SnapEx is headquartered in Hong Kong and has offices in many parts of the world, including Seychelles, Singapore, South Korea, Japan, Malaysia, Vietnam, and many more.
With its easy-to-use and systematic trading solutions, SnapEx encourages users to make more rational professional contract trading decisions in a verifiable, self-disciplined, and programmable manner.
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