I do like to know if NEX will be a global exchange that gives access to most countries in the world to trade digital assets. Considering coinbase today does not offer services to Africa and many other countries. How is NEX planning to handle fiat dealings with other countries outside Europe and US? For example, binance is only offering fiat in Uganda. Is NEX going to have any sort of geographical restrictions to its Users?
NEX will launch globally, though subject to regulations where they exist across countries. We will be trading non-security cryptocurrencies in all places that support our KYC requirements, which should be almost everywhere. For securities, more details will come when we have the license. On the fiat issue, we are building out an API that allows third party services to integrate with the exchange. So it is possible to eventually support fiat in many, many different countries/currencies that way.
Just to clarify, the exchange itself does not prevent any user based on IP address (north korea and everyone else can use), but you need to pass kyc to stake and only select regions are allowed to do that, is this right?
As far as I understand KYC is indeed needed to be able to stake, but is also used to determine what assets can be transferred between your trading and private wallet. So the assets you can trade will be determined by the country you are from.
Below a threshold of about $1000, you do not need KYC. Fabio said this in his most recent interview.
No, what Ethan meant with “in all places that support our KYC requirements” is exactly that, we will offer to all locations we are allowed to do so. For compliance we are required to perform geolocation, and if a request is detected to be from a origin we unfortunately cannot offer some service at that moment we will display a message. Given how the internet works people without KYC and with an endpoint originating from a location not serviced by Nash will be blocked and invited to KYC and access the services to their KYCed location.
That is still correct, but this does not remove the need for geolocation neither other risk management solutions we might apply in non-interactive form. This should be mostly invisible to users that are not target as high risk by the algorithms for some specific reason.