Remitano

Remitano Exchange: A P2P Platform with Major Security Lapses

Remitano is a peer-to-peer (P2P) focused cryptocurrency exchange, launched in 2014 and registered in Seychelles. It specializes in direct user-to-user crypto-fiat trades using an escrow system, available in over 110 countries.

Key Features:

• P2P Trading: Core service for buying/selling crypto directly with other users.
• Crypto Swap: Instant conversion between cryptocurrencies and fiat.
• Global Reach: Operates in many countries, though restricted in major markets.
• RENEC Token: Native utility token for ecosystem benefits.
• Lending/Borrowing & NFTs: Offers additional DeFi services.

Major Concerns:

• 2023 Hack ($2.7M Loss): Suffered a significant hack where funds were stolen, with no user compensation reported.
• No Proof of Reserves (PoR): Lacks transparency regarding its reserves, a critical security standard.
• No Deposit Insurance: User funds are not insured, increasing risk.
• Below Industry Security: Overall security deemed lower than leading exchanges.
• Limited Regulation: Not regulated in major jurisdictions, raising oversight concerns.

Summary:

Remitano is a P2P-focused platform with broad global reach but is significantly undermined by a major 2023 hack (with no user compensation), absence of Proof of Reserves or deposit insurance, and generally weaker security practices. Due to these high risks, extreme caution is advised; users should consider platforms with a stronger and more transparent security record.