Joyceww said:Thank you for your valuable comment. The license recommendation is still not valid for me. I don't know, but it probably means a lot of regulation,policy and cost. I'm not big a crypto currency exchange :)
Well, it is valid in the sense that what you are doing is offering a regulated financial service. I'm afraid there is no way around that aspect of it, unless you only offer your service to customers in jurisdictions where no license is required, in which case you need to get legal opinions from reputable law firms in each individual jurisdiction you target.
That is if you want to do things in a compliant way, in line with the regulations.
Joyceww said:I'm fine up to 7 days if not daily. I just want to make sure my money is safe. Imagine if payment processor closed the account out of the blue and returned all the balances inside to customers, that's terrible.
That practically never happens, if you work with regulated payment processors.
On the other hand, if you start working with transaction layering and shop fronts, your money is at risk.
Joyceww said:I think I'm going to take a slightly more privacy-oriented path. The payment processor does not know that I am selling crypto and I receive the payments. Is there any advice you can give on this?
Then it's a very different story. You can set up shop fronts (real ecommerce websites) and open accounts with Stripe and other light-touch processors. Use these accounts for your real business. Processing less than 10,000 EUR per month with each helps you stay under the radar. A lot of people do this successfully.
There are payment processors that already do this on scale, but while they save you time, they often cost more than DIY. Total costs usually in the range of 8”“14% for newbies, and settlements are T+7 or T+14. Much lower cost and higher frequency settlement is possible with good volume.
