Place/Date: - July 13th, 2021 at 4:15 pm UTC · 3 min read
Contact: Orion Protocol, Source: Orion
Orion Protocol, via its Orion Terminal, grants users entry to DEXs and CEXs without geographical barriers. Through its innovative consensus mechanism, the platform eliminates the need for multiple accounts and KYC verification.
With the rising scrutiny of governments and financial regulators, the crypto industry across the globe is finding it rather challenging to offer regulated services to users. For a trader willing to invest in crypto exchanges operating in different countries, the entire onboarding process becomes increasingly complicated.
To address these problems and help traders access exchanges in an unrestricted manner, Orion Protocol offers a unique solution through its Orion Terminal. The platform aggregates every crypto exchange within one decentralized platform, delivering a competitive non-custodial bridge to the global cryptocurrency ecosystem.
Constructed as a decentralized liquidity aggregator, Orion Protocol is the only platform that offers access to both centralized and decentralized liquidity. Hence, users can access all major exchanges, such as KuCoin and Binance, irrespective of their country of residence. The platform uses its proprietary Delegated Proof of Broker governance mechanism to offer users global and decentralized access to exchanges while eliminating the need for accounts and KYC verifications.
Since Orion Protocol allows brokers and exchanges to run the Orion Broker Software to auto-execute trade signals sent by the aggregator using their trading accounts, both brokers and exchanges undergo their KYC processes. These brokers or exchanges trade on the user’s behalf. Accordingly, users don’t need to create trading accounts across CEXs and DEXs or undergo multiple KYC and AML verifications.
Each country has reacted to cryptocurrency in its own way. As concerns related to money laundering, tax evasion, and fraudulent transactions continue to rise, several governments have implemented strict regulations on crypto businesses. While some countries are trying to regulate it, others have outright banned exchanges from offering “any form of regulated” services.
For instance, one of the largest centralized exchanges, Binance, was recently banned by the United Kingdom’s Financial Conduct Authority (FCA). Per the ruling, “Binance Markets Limited is not permitted to undertake any regulated activity” within the Kingdom’s borders. Following this, Clear Junction, Binance’s payment partner for Europe, has paused facilitating services to the platform.
The sudden crackdown has led to rising concerns among investors about the security of their funds. In case of an overnight government decision, there are high chances that they would no longer be able to access their account or temporarily denied withdrawal of funds.
For a trader who wants to invest in crypto exchanges in different countries, the process of getting their account verified turns out to be painfully lengthy and exhausting. Besides, managing multiple accounts across CEXs and DEXs is an added trouble.
Using the Delegated Proof of Broker (DPoB) staking model, the Orion Terminal ecosystem features a network of brokers running Orion Broker Software with multiple exchange accounts, including Binance and KuCoin. These accounts trade on the user’s behalf, eliminating the need for users to create a trading account and undergo KYC verification.
In addition, users retain full custody over their funds, as the underlying smart contracts enforce terms of exchange. As a result, Orion Protocol can offer decentralized and global access to users across exchanges while adhering to financial regulations.