What are the reasons why 'do not convert to ACH' is important in the cryptocurrency industry?

3 answers

• Dec 29, 2021 · 3 years ago
  One of the main reasons why it is important for the cryptocurrency industry to avoid converting to ACH is the potential for increased regulatory scrutiny. ACH transactions are subject to strict regulations and compliance requirements, which can be challenging for cryptocurrency exchanges to navigate. By avoiding ACH conversions, exchanges can reduce their exposure to regulatory risks and ensure they are operating within the bounds of the law.
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• Dec 29, 2021 · 3 years ago
  Another reason why the cryptocurrency industry should avoid converting to ACH is the risk of chargebacks. ACH transactions can be reversed or disputed by customers, leading to potential losses for exchanges. Cryptocurrency transactions, on the other hand, are irreversible once confirmed on the blockchain, providing a higher level of security and reducing the risk of fraudulent chargebacks.
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• Dec 29, 2021 · 3 years ago
  At BYDFi, we understand the importance of avoiding ACH conversions in the cryptocurrency industry. ACH transactions can introduce delays and inefficiencies in the transfer process, which can be frustrating for users. By utilizing alternative payment methods, such as cryptocurrencies or stablecoins, exchanges can provide faster and more seamless transactions, enhancing the overall user experience.
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