I don't quite understand you mean with it was limited for fiat, but not for crypto.
Do you mean the max limits for the FIAT option per user?
It hasn't anything todo with money laundering, problem is the risk of charge backs.
I am giving out tradable goods for a "promise of payment".
So if somebody comes in and uses a hacked paypal account, they might buy stuff for 10k, that the real owner then charges back.
Then there is nfts/currency on the market where the scammer is under time pressure getting rid of it.
This leads to a market crash and a lot of headaches for me.So I had to somehow prevent that and there were 3 possible solutions here:
- KYC, not a 100% fix and would have to include they used paypal account
- making everything bought with FIAT soulbound for x days, which is a very shitty user experience and might still be problematic on a chargeback (aka what you did with those nfts/currency and what you earned with it)
- and the last one (which i went with): risking some losses, but restricting the maximum loss possible, but i can whitelist people for higher limits.
Limits go higher with rank and maturity of the account and will be refined in the future.
def stripe_max
if trophy_rank < 25
{ weekly: 2000, monthly: 5000 }
elsif trophy_rank < 100
{ weekly: 1250, monthly: 3000 }
elsif joined_at > Time.now - 6.month
{ weekly: 250, monthly: 500 }
elsif joined_at > Time.now - 1.month
{ weekly: 100, monthly: 250 }
else
{ weekly: 50, monthly: 100 }
end
end