Due to increased regulations around the world we are disincentivizing the usage of USD currency in SouthXchange. We will be aiming to use TrueUSD (TUSD) as its main replacement. TUSD is a cryptocurrency pegged 1:1 to the US Dollar.
We understand that being able to deposit and withdraw USD (or any fiat currency in general) is very important for users. For this reason we will be partnering with other companies that provide this service so that they handle the fiat part and we simply receive cryptocurrencies from them.
The following changes will take effect immediately:
- We no longer support direct USD deposits. All fiat deposits must be made through one of our partners which will be announced shortly.
- You can withdraw your USD through bank wire. The process is explained here.
- User ID verification is disabled. Since fiat deposit is no longer supported we will not require ID verification for now. You still may be requested to verify your ID through one of our partners though.
In the upcoming days we will announce partner services to allow easy fiat deposit and withdrawal. Stay tuned!