Can XSGD technically be used for illegal transactions?

Hello,

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Thank you for your question. XSGD can technically be used for illegal transactions, in the same way that a car, a mobile phone, a camera can be used for criminal activities.

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That being said StraitsX has a very strong commitment to compliance excellence, transparency, independence, and security, and we take every step to mitigate such risks.

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• Policies, procedures, and controls have been put in place to comply with anti-money laundering and countering the financing of terrorism (“AMLCFT”) regulations.
• Screening is carried out on the customer (KYC), connected parties of the customer, and beneficial owners of the customer
• Screening is performed against the list of sanctioned individuals and entities set out by Singapore regulations
• Transaction monitoring is also carried out to ensure that customer transactions are consistent with customer profiles
• Users are required to prove ownership of their addresses when obtaining XSGD tokens for the first time, and for redeeming them.

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At the end of the day, blockchain transactions are a lot more traceable than cash transactions, or some offshore bank transfers. If you are looking for a medium for illegal transactions, XSGD is probably not your best bet.

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