The problem of privacy cryptocurrency traders faced with buying and selling of bitcoin on marketplaces like Localbitcoins and BuyBitcoin.com may have been solved from unexpected quarters. Traders on Bisq even though requiring KYC and AML have been using Revolut, the digital banking service preferred by many traders to buy and sell bitcoin on Bisq.
Even though this has basically bypassed the issue of KYC for many of the traders, some have reported that they were suspended by Revolut for repeated purchase of digital currencies with the app. According to the post of an affected user,
“Most blatant with Revolut, there are countless stories of accounts being blocked following a bisq transaction. Our guess is the messages in the transactions does not appear regular (who would ship some random string as a message?) and a few accounts take weeks to get unblocked”
Bisq, a decentralized peer to peer exchange, in a tweet early in the year wrote:
“Cost strategies based mostly on traditional finance techniques are going to require KYC at some degree, eventually. Revolut just isn’t special on this regard.”
Unlike services like Localbitcoins and BuyBitcoin.com which are accessible with browsers, Bisq needs downloading the application first before the user can buy and sell cryptocurrency. It is supported by Mac, windows and Linux operating system.
Using Revolut on Bisq has given users an avenue through which they can improve privacy as the fast and convenient Revolut is virtual banking service.
Bisq still stands out as the most popular app for privacy-conscious users, as they do not need to supply information such as the user’s name, a verification or the email ID. The platform has been described as a peer to peer routed through Tor.
It supports currencies such as the Australian dollar, USD, euro and pounds, though the exchange still has some limitations due to low liquidity.