We are pleased to announce the completion of the HAT.Exchange Software Beta after more than one year of hard work. Download links on our website will be forthcoming. While we are almost ready to showcase the app for the public, we are unable to launch the exchange on the Ethereum MainNet at this time due to legal and regulatory concerns that have arisen in the U.S. in the past year. As HAT.Exchange is a U.S. company, the exchange must be compliant with all U.S. federal laws and regulations, and additionally, the different operational requirements for each U.S. state. Legal compliance is expected to be completed in a minimum of three months.
Achieving legal compliance in the cryptosphere has been greatly complicated by a year of evolving regulations, SEC statements, and federal rulings- in other words, a moving target and moving goalposts. If you have wondered why crypto projects that appeared to be some of the most promising one year ago are now abandoning their original business models and launching entirely different products, this is the reason. This is also in large part what is behind the extended bear market and current lack of institutional interest in cryptocurrency investment and trading.
HAT.Exchange placed an emphasis on legal compliance from its inception, and thus the company has no intention of deviating from its original business model: what began as a peer-to-peer, fiat-to-crypto exchange and marketplace remains unchanged.
We will update the community after all compliance issues have been completely resolved and we are ready to move forward with the production release of HAT.Exchange. We will not be releasing any updates before that time, so our community should consider the project to be on “pause” until those hurdles are crossed.
We will be interested in your feedback and suggestions related to the beta release, so please refer all support issues to our Service Desk (https://www.blog.hat.exchange/submit-ticket/), and forward any suggestions, proposals, or potential partnerships to firstname.lastname@example.org.
Zeeshan Taj, CEO
Sean Pettersen, COO