Exchanges of Assets
Buy Exchange
Users can buy a digital asset (like Bitcoin) by using a paired asset (like US dollars) or another digital asset they own.
The paired asset is deducted from the customer's balance and used to acquire the chosen crypto asset.
Sell Exchange
In a sell exchange, the customer can sell a digital asset they own to get regular money or another digital asset in exchange.
The customer receives a fiat currency or another crypto asset in return, depending on the paired asset selected.
If a customer sells crypto in exchange for fiat, the resulting fiat will be transferred to the customer’s fiat account and finally out to a chosen payee. On the other hand, if the customer is selling one cryptocurrency for another, then the resulting paired crypto asset funds will be credited to the customer’s wallet.
It is explicitly noted that fiat currency (government-issued currency) can only serve as a paired asset.
Customers cannot use fiat to buy other fiat assets or sell fiat to receive crypto assets. Fiat is strictly used to purchase crypto assets or received from selling crypto assets.
Allowed Exchange Types
| Type | Asset Being Exchanged | Paired Asset for Exchange | Exchange Allowed? |
|---|---|---|---|
Buy | Crypto (e.g., Bitcoin) | Fiat (e.g., US Dollars) | Yes |
Buy | Crypto (e.g., Ethereum) | Crypto (e.g., Bitcoin) | Yes |
Buy | Fiat (e.g., US Dollars) | Crypto (e.g., Bitcoin) | No |
Buy | Fiat (e.g., Euros) | Fiat (e.g., US Dollars) | No |
Sell | Crypto (e.g., Bitcoin) | Fiat (e.g., US Dollars) | Yes |
Sell | Crypto (e.g., Ethereum) | Crypto (e.g., Bitcoin) | Yes |
Sell | Fiat (e.g., US Dollars) | Crypto (e.g., Bitcoin) | No |
Sell | Fiat (e.g., Euros) | Fiat (e.g., US Dollars) | No |
The rules outlined ensure that an asset exchange process remains consistent, clear, and adheres to the financial regulations set by the platform
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