Dolomite, a recently launched non-custodial exchange built on the Loopring Protocol, today announced the removal of the KTC process for non-US traders. This change went into effect at 2 pm EST on October 7th. With this change, traders outside of the US will be able to trade with no limits right from their wallets immediately upon entering the exchange.
Currently, Dolomite supports MetaMask, Ledger, Portis, Fortmatic, and keystore files as wallet loading methods, as well as their own email and password-based wallet management solution that removes the need for ETH wrapping and token approvals.
Users within the US will still need to complete the account KYC process as is standard with all US order book exchanges, however, Dolomite has also increased trading limits for each user signup tier.
Traders completing the initial signup process – name, email, and date of birth – will be able to trade up to $1,000 per day, with subsequent tiers also increased. Completing the full signup process will allow traders to deposit and withdraw directly to their bank account from their wallet, providing a way to easily cash in and out without the need of a centralized exchange.
While many order book decentralized exchanges block access to US traders for regulatory reasons, Dolomite launched with the goal of serving traders around the world including the US, as well as offering a direct-to-wallet fiat onramp. In order to comply with US KYC (know your customer) regulations, Dolomite launched with a multi-tiered account process for all traders, requiring increasing amounts of trader information for increasing trading limits.