Terrifying.
The Europoorean Bitcoin noose gets TIIIIGHTER still (#1521292
Now Peach Bitcoin is under attack
...no, not the AIs. The regular, regulatory fiat way!
Peach started in my head in 2020.
I initially built Peach for myself. How to acquire Bitcoin "the good way", without sacrificing privacy and security, but still through an easy-to-navigate platform?
So, miraculously, I found a way with the Swiss regulators. Back in 2022, I worked on a compliance case where I argued and presented the following:
- Peach's trades are purely bipartite. The seller funds the escrow with their own keys and the buyer signs a message confirming that the release address belongs to them. This is done under the hood when using the Peach wallet, and the user does it manually when using an external wallet.
- The escrow mechanism and role are purely technical,** to ensure the trade's safety. The escrow is not a third economic party in transferring funds. All the outputs of the escrow are predefined before the contract between a buyer and a seller starts, and the output can't be altered. Even in the cases where the seller loses a dispute and the funds have to be sent to the buyer without the seller's signature — which happened at a rate of 0.03% over the past year — the sats are sent to the buyer one hour after Peach gets a single sig of the escrow (4320 blocks after the escrow creation date).
- The unique app device ID is hashed and stored,** ensuring one device is one account.
- The payment data are hashed and stored,** ensuring one person is one account.
Peach got licensed in 2022 and got audited successfully by an independent audit company in 2023, 2024 and 2025.
"But this year, the regulator has decided that the rule of yesterday is not the rule of today. You know… 1984 and all. What was true yesterday is not true today."
So, last month I received a letter. Despite a successful independent audit, the regulator — for an unknown reason — is arguing to requalify and reconsider the compliance agreement that they themselves approved some years ago.
I am not gonna lie to you, I knew from day 1 that it would happen one day or another. I often tweet "Stack sats while you still can" for a reason.
I am not giving up and complying yet. At least not without answering to the regulator. I will be fully honest too: if I lose the argument, I won't go against it either. Peach has been a legal business since day 1, and I intend to keep it this way.
They still operate, but won't take more/new sign-ups: only whitelisted KYC'd, or longstanding (and impeccable!) users of the platform.
Crazy development.
Full write-up on their website: https://peachbitcoin.com/blog/peach-at-a-crossroads/
Shit. I liked this platform. We still have Robosats, Bisq, Mostro.
There is no way that the current attitude popular among regulators (seemingly regardless of what jurisdiction they come from) will accept peer to peer trading.
If such things exist, they will need to exist despite that aggression of the state, ie they will need to be like Bitcoin, very very difficult to shut down.
The future for bitcoiners is increasing illegality, unless you abdicate your freedom and buy ETF shares.
nono, we all just become neatly regulated Saylorbois. Listen to the idiot @BlokchainB, buy some permissioned paper!
Everything is permissioned!
Nope, not the one outside money we're all here for
it’s permission by committee
which committee is that? (Mr Dashjr...?)
Peer to peer trading will be illegal as far as people believe it is. There is a limit in surveillance.
Even though Switzerland maintains sovereignty, I can't help but think the EU is putting pressure on their regulators regarding crypto assets.
I'm gutted about Peach. I can't imagine that the regulators will say 'it's all cool, carry on.'
Another one bites the dust.
of course EU is pressuring regulators, they have nothing better to do, it's their raison d'etre
Sometimes it pays to live in the arse end of the world where governments don't even get these ideas because they can't enforce it in any meaningful way. Hopefully EU bitcoiners find a way to circle around it
I hope so too
Subconsciously she wanted it shut down?
You create your reality with your thoughts, words and actions. And the 3 have to align.
Hope she can follow her true passion now.
Just see how desperately governments want to control people's ability to freely transact. Crazy
why are you shocked especially EU behavior
All western countries seem to be falling in line with US led compliance rules.