- PLSburn announces entry and exit without KYC.
- According to the team, they would work to make the system faster.
Crypto exchange PLSburn has announced that customers can now take entry and exit points from Bitcoin, Ethereum, Polygon, Monero, and BSC, among others. In addition, users can trade DAI, USDT and USDC without registration or Know Your Customer (KYC) verification. Interestingly, this service is available worldwide and has a super low cost with no cap. According to PLSburn, this might be a bit slow at first, as it’s the first to focus on maximum security. To improve the customer experience, the team is working on improvements.
BREAKING NEWS: @PLSburncom JUST launched an entry and exit ramp with:
NO upper limit
Super low cost
Now available WORLDWIDE 🌎
— HviidHEX (@HviidHEX) June 4, 2023
However, a Twitter user identified as CryptoWalker has taken issue with the statement that the exchange has launched an entry and exit ramp. According to him, the exchange has only added a http://letexchange.io widget.
When asked about the difference, he explained:
That it is presented as theirs and that it is just a way to earn 1% from each trade. After gaining the trust of such a community, you need to be transparent about what goes on behind the scenes.
In a separate post, CryptoWalker touted the effort to launch their PulseChain on-ramp in less than 24 hours after an initial message to the community. However, he expressed concern about the lack of transparency when using third-party features.
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I’m grateful for what Plsburn has done for pulsechain and its community, but implementing third-party features without mentioning it is quite concerning. Users trust plsburn, but they may not know what’s behind “their driveway”. I couldn’t find any information about what the slippage is.
Newly added feature of PLS Burn well received by the crypto community
CryptoWalker also advised users to do their research when using tools that are not native to PulseChain or any blockchain. According to him, there is a hype around new construction projects, and it is important to be fully convinced before patronizing products, even if it is hyped by influencers.
It is important to note that the entry and exit has to do with the process of transferring funds between crypto and fiat. On-ramp specifically means buying crypto with fiat money. In this case, money leaves the traditional system in a decentralized system.
However, it is required to provide some basic documentation, including photo ID or proof of address, regardless of how users choose to get into crypto. Crypto users usually get their start through centralized exchanges like Binance or Coinbase.
PLSburn’s expansion has been well received by the crypto community with one tweet from a user:
You can build great products without sticking a useless token on them. @PLSburncom leads by example. Hopefully many will follow suit and stop littering shitcoin for #HEXicans and the rest of the ever-expanding RH ecosystem. Congratulations, well done! $PLS $HEX $INC $PLSX.
The crypto ecosystem is growing rapidly with many emerging assets and exchanges. To meet demand and safely manage the industry and protect consumers, lawmakers are considering regulation to ensure there is enough clarity for businesses to operate.
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