Hey there, PaidTabs community! 🎉 Get ready for some epic news! We're rolling out a super cool feature you've been waiting for – Crypto Payouts! This is HUGE, especially for our awesome musicians who've been dealing with banking headaches or can't easily get traditional financial services.
Why Crypto Payouts? Understanding the Need
Our decision to introduce Crypto Payouts stems from a deep understanding of the diverse needs of our global user base. Many of our users either struggle with traditional banking systems or have no access to them. This often forces them to rely on third-party services, which unfortunately, adds significant fees to their transactions. By adopting cryptocurrency, we aim to offer a more accessible and efficient payout option, reducing the reliance on intermediary services and their associated costs.
KYC and AML Considerations
While PaidTabs is not a financial institution, such as a trading platform or exchange, and primarily deals with stable-coin for supplier payments, we currently require KYC to ensure compliance with all applicable laws to the fullest extent. However, it is important to note that we may reassess the necessity of KYC in the future. Until we have a definitive understanding of these regulatory obligations, we will continue to implement KYC procedures to guarantee maximum compliance.
Privacy and Compliance: Our Commitment
In alignment with our dedication to privacy and security, PaidTabs employs Stripe Identity for KYC processes to adhere to AML regulations. We assure our users that their personal information is managed with the highest level of confidentiality and security.
For now, PaidTabs supports USDT-BSC (BEP20), a stablecoin that provides the stability our users need in the volatile crypto market. New to USDT-BSC? We’ve prepared a detailed guide to help you get started with a USDT-BSC address on platforms like Binance, ByBit, and Phemex and non-custodial wallets such as Exodus and MetaMask.
Understanding Withdrawal Fees: A Necessity for Sustainability
While we acknowledge that our 7% withdrawal fee during this beta phase might seem high, it is essential for maintaining the sustainability and security of this new payout system. We continuously strive to optimize our fee structure and will adjust it based on user demand and operational costs.