The 72-hour settlement challenge has created difficulties for cryptocurrency exchanges as well as their users. In response to this directive, Tetherland announced that it has no role in this limitation and apologizes for the delayed settlement process for its valued users.
According to IDEA, the Cyber Police (known as FATA) notified cryptocurrency exchanges in Azar last year that all cryptocurrency settlements for users must be completed within 72 hours.
This institution cited the prevention of fraud, money laundering, and financial abuses as the reasons for implementing the mentioned limitation.
The 72-hour settlement challenge has created difficulties for cryptocurrency exchanges as well as their users. In response to this directive, Tetherland announced that it has no role in this limitation and apologizes for the delayed settlement process for its valued users.
In the continuation of this article, you can read the discussion with Tetherland’s managers regarding this incident.
The cryptocurrency exchanges had the following to say about the situation:
Ehsan Shakerypour, Technical Director of Tetherland, regarding the mechanisms designed by the exchange to prevent harmful actions, stated: “Tetherland has been implementing complex technical solutions to prevent financial misconduct in its services, using scientific methods to combat fraud, money laundering, and benchmarking global leaders in this industry.”
He added: “Our behavioral algorithms, which we refrain from describing in detail due to scammers’ ignorance of their workings, identify suspicious behaviors by examining all user activities. They automatically detect or flag for relevant experts any attempts to withdraw funds from the system without verification. These solutions have been effective in deterring scammers from choosing Tetherland to achieve their goals and have not caused dissatisfaction among genuine users.”
“However, since the sporadic notifications from various authorities have forced us to tweak and alter our anti-money laundering algorithms, it has led to a wave of user dissatisfaction. Furthermore, it doesn’t seem to have a significant impact on deterring fraudulent activities,” Shakerypour continued.
“At present, most active cryptocurrency exchanges have suffered significant losses due to the fact that FATA has not provided an appropriate solution to prevent the continued operation of rental accounts,” he concluded.
“Delay of 72 hours has caused dissatisfaction among users.”
Mehdi Masoudifar, Financial Manager of one of these exchanges, stated: “When talking about cryptocurrency platforms, transaction settlement speed is always one of the important factors that users pay attention to. The speed and cost-effectiveness of transactions are among the main features of cryptocurrencies that attract users. Introducing time constraints on cryptocurrency transaction settlements not only hits the cryptocurrency platforms in terms of reducing transaction volumes but also creates an unpleasant atmosphere among cryptocurrency users, who will have no choice but to move their assets to high-risk foreign exchanges serving Iranians.”
“The business model of many domestic cryptocurrency platforms relies on transaction fees. By introducing financial restrictions like cryptocurrency settlement time and the 25-million-toman limit on payment gateways, which only reduce transaction numbers, it not only harms domestic platforms but also creates a black market for cryptocurrencies, a fertile ground for many scams,” he emphasized.
“Contrary to the belief of many in this field, local cryptocurrency settlement restrictions do not generate income for cryptocurrency exchanges and have only caused dissatisfaction among users and exchange platforms.”
Mahsa Pesaraklu, Head of User Services at one of these exchanges, mentioned: “At present, we find ourselves in a situation where FATA has issued a new directive, according to which all transactions must be settled within 72 hours. Unfortunately, these authorities have not communicated the new regulations, which has led to confusion and dissatisfaction among users. In the meantime, we are obliged to implement these new laws. We are doing our best to communicate this law in the best possible way because it is the natural right of users to be informed about the process before performing any transaction.”
“In the dynamic world of cryptocurrencies, every second is highly valuable, and timely decisions are of particular importance. We are aware of the problems that users have had with these changes and the significant wave of dissatisfaction that has arisen. With an understanding of the necessity of immediate access to cryptocurrencies in the cryptocurrency market, which is vital, we are looking for solutions that can provide users with faster and more efficient access to cryptocurrencies,” she concluded.
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