Hodl Hodl CEO Max Keidun shared during the Baltic Honeybadger conference in Riga that the exchange plans to make the code for its smart contracts open source as a way to deal with future regulatory pressure:
“Let’s imagine our domain gets blocked. Some activist would be able to just take the code from Github, fork it, and launch something new.”
According to Keidun, the demand comes from users, highlighting that “peer-to-peer is something emerging markets, in particular, are interested in”.
Indeed, Hodl Hodl’s position is rather unusual, since they are one of the few who do not collect any KYC data and are not planning to. Hodl’s CTO, Roman Snitko, highlighted the reasons behind this:
“We think KYC/AML does more harm by exposing law-abiding users to fraudsters and criminals. The information and documents users upload to exchanges have been stolen many times in the past. It also does very little to prevent actual money laundering and criminals from using those services. They always find ways.”
In an exclusive interview to COIN360, Maks Keidun, CEO of Hodl Hodl and organizer of the Baltic Honeybadger conference shared:
“For a long time, I worked in a traditional financial world and I know for sure how flawed is it...Bitcoin originally is not about KYC, it’s about financial freedom. If someone starts using these instruments in his own interests, this story won’t succeed. We are building a new financial model and it should not imply old-fashioned rules.”