Ads for Escrowly - really?

[Embrand]

I see that new crypto escrow company Escrowly is now advertising on namePros. I wonder if that is a good decision made by @NamePros. As @jberryhill has pointed out on X, they are using a complete copy of Escrow.com's website - down to the amount in the example transaction - and use a Gmail as their Whois contact email. There also seem to be license issues.

 

[Future Sensors]

@Bravo Mod Team

 

[MasterOfMyDomains]

On mobile there is 14 banner ads in this thread. 4 before the context
How did you notice, glad you did
Paul you squeezed in so many banners some i cant read. Do that to escrowly
Escrow and escrowly banners in same thread. Why not side by side

 

[Bravo Mod Team]

I wonder if that is a good decision made by @NamePros. As @jberryhill has pointed out on X

They began advertising with us after members reported using them successfully, and before John's posts on X.

We'll keep an eye on this.

Thanks for letting us know.

 

[bmugford]

There also seem to be license issues.

I have a real issue with advertising "escrow" companies without proper vetting.

Just because a company is willing to pay @NamePros money for advertising doesn't mean they should accept it.

There is a difference between an escrow company, and an "escrow" company.

One is Escrow.com. The other is Epik Escrow.

After the Epik Escrow debacle, and how that negatively effected the community, NamePros should be especially vigilant about advertising "escrow" companies.

Also, their TrustPilot score shows 4.9 on the bottom of their homepage, but 4.0 (4 total reviews) on TrustPilot.

Brad

 

[Future Sensors]

This applies even more to "crypto" escrow, where the money is harder to trace and even harder to get back.

 

[Future Sensors]

@Escrowly Care to explain why you copied Escrow.com?

 

[URL Stream]

There is a difference between an escrow company, and an "escrow" company.

https://www.namepros.com/threads/me...wn-lead-providers.1353825/page-4#post-9649638

 

[URL Stream]

@Escrowly, care to run an AMA?

 

[Bravo Mod Team]

There may be some nuances and complexities involved.

Many reputable services have offered "transaction facilitator" services for domain sales:

• Dan.com, Uniregistry, Afternic, GoDaddy, Spaceship, AtomPay, Unstoppable, Efty Pay, Sedo, Flippa, etc.

From a user's perspective, they feel like they do what an escrow service does: collect money from the buyer, wait for the domain to reach the buyer, and then send money to the seller.

Do those services all need to be licensed in every state like Escrow.com? Don't know; we're not lawyers.

This is outside the scope of our expertise, but we'll continue to monitor it as best as we can.

 

[Future Sensors]

That may well be true. But we're dealing with basic trust signals that raise questions from the outset. Cloned site, Gmail WHOIS, an inflated rating. So we don't even get to the licensing chapter yet.

 

[bmugford]

There may be some nuances and complexities involved.

Many reputable services have offered "transaction facilitator" services for domain sales:

• Dan.com, Uniregistry, Afternic, GoDaddy, Spaceship, AtomPay, Unstoppable, Efty Pay, Sedo, Flippa, etc.

From a user's perspective, they feel like they do what an escrow service does: collect money from the buyer, wait for the domain to reach the buyer, and then send money to the seller.

Do those services all need to be licensed in every state like Escrow.com? Don't know; we're not lawyers.

This is outside the scope of our expertise, but we'll continue to monitor it as best as we can.

Escrow services are heavily regulated and generally require proper licensing to operate in most states.

A company like Escrow.com has gone through the long, complex process.

The argument about a marketplace vs escrow transaction kind of goes out the window when they are deciding to use the term "escrow".

This is basically a cloned Escrow.com website with a limited, at best, track record.

You really think it is a good idea to advertise a company like this?

I welcome @Escrowly to clarify their licensing status as an escrow company.

Brad

 

[Future Sensors]

Escrow services are heavily regulated and generally require proper licensing to operate in most states.

Worth noting that neither of Escrowly's own marketing claims actually answers the licensing question.

"Registered as an MSB with FinCEN" sounds like oversight, but MSB registration is a same-day federal filing with no vetting and no license issued. It's not the same as holding the state money transmitter licenses that actually authorize handling escrow funds.

Same with the Instagram post calling itself "a regulated digital asset escrow platform".

Regulated by whom, under what license, in which state? It never says.

Escrow.com states its specific licenses. Escrowly just uses the word "regulated" and moves on.

(Exhibit 001 / Exhibit 002)

 

[bmugford]

Worth noting that neither of Escrowly's own marketing claims actually answers the licensing question.

"Registered as an MSB with FinCEN" sounds like oversight, but MSB registration is a same-day federal filing with no vetting and no license issued. It's not the same as holding the state money transmitter licenses that actually authorize handling escrow funds.

Same with the Instagram post calling itself "a regulated digital asset escrow platform".

Regulated by whom, under what license, in which state? It never says.

Escrow.com states its specific licenses. Escrowly just uses the word "regulated" and moves on.

(Exhibit 001 / Exhibit 002)
Show attachment 312277

Show attachment 312276

Meanwhile, Escrow.com openly lists their license information.

https://www.escrow.com/escrow-licenses

 

[Future Sensors]

@jberryhill @Embrand

Thanks for initiating this discussion. It was bound to surface eventually.

 

[bmugford]

Outside all the other issues, the math isn't even that appealing.

Why would you use some unknown "escrow" company and still pay around the same in fees?

 

[Future Sensors]

Why would you use some unknown "escrow" company and still pay around the same in fees?

[X] Found it on a forum, figured that was basically due diligence.

 

[Escrowly]

@bmugford @Future Sensors Hi, and thanks for raising the question.

It’s a fair question, especially when a company is handling other people’s money, so we appreciate the opportunity to clarify.

Escrowly is registered with FinCEN as an MSB, Registration No. 31000296483208. We do not present that registration as a state escrow license, and we agree that those are two different things. Escrowly is also a crypto escrow platform, so our regulatory analysis isn’t necessarily identical to that of a traditional escrow company handling fiat transactions. The requirements can depend on the transaction structure and the jurisdiction involved, which is why we look at these matters on a jurisdiction-by-jurisdiction basis.

We are also a young company. We are not going to pretend we have the decades of history or the licensing footprint of Escrow (.com). They have built a very established business, and we respect that.

What we are trying to build is something different; a simple crypto escrow platform focused on stablecoins and the way people actually transact in today’s global digital economy.

We are continuing to develop our regulatory and compliance framework as we grow .. and we’d rather be transparent about where we are than make claims that go further than the facts.

We will also be reviewing our public wording to make sure there’s no confusion between being registered as an MSB and being "licensed by FinCEN." Fincen itself makes clear that MSB registration is not a license.

We genuinely welcome the scrutiny. If you are trusting a company with your money, these are exactly the kinds of questions people should ask. and if anyone has a specific state or transaction structure they would like us to address, we are happy to discuss it.

 

[Embrand]

"What we are trying to build is something different;"

So you start by imitating Escrow.com's website? If you have more than 1 million customers already, I guess you don't even have to advertise anymore.

I do welcome new players, but you have to earn trust.

 

[Escrowly]

Fair point @Embrand and I completely agree, trust has to be earned.

We are still a young company, and theres been a tremendous amount of work behind the scenes to build Escrowly properly. We know that work alone doesn’t earn trust. That comes from proving ourselves, transaction by transaction, over time.

We are also very open to feedback from people who have been in this industry much longer than we have. If you see something we can improve, please tell us. We would love to listen, learn, and keep making Escrowly better day by day.

We have a long way to go, but we’re genuinely excited about the journey.