Interview with Stevan Lieberman of EscrowDomains.com

Steven Lieberman was kind enough to answer some questions about escrow transactions and his company EscrowDomains.com. Steven explains the need for KYC rules and why having a lawyer backed firm adds significant benefits. I hope you enjoy the interview.

Q1) Over the past few years it seems like there have been more and more regulations and requirements for handling financial transactions. How has this impacted your business?

Answer: The increased regulations around AML (Anti-Money Laundering) and KYC (Know Your Customer) have not adversely affected our business. We’ve always maintained stringent compliance standards by closing our books monthly and performing quarterly audits, which exceed many of the newly mandated requirements. Additionally, as a law firm, we adhere to strict professional obligations set forth by our bar associations, giving us both the responsibility and discretion to manage transactions in a manner that safeguards all parties.

Q2) There are a good number of domain investors who do not like the KYC rules—they refuse to send an escrow company their driver’s license or national/state I.D. card. What would you tell them to try to ease their apprehension?

Answer: We understand the hesitation some domain investors have about sharing personal information. However, a quick phone call or video chat often alleviates their concerns, as we can explain precisely how their details are protected and why KYC helps ensure a secure, compliant transaction for all involved. In the rare instances where individuals still choose not to comply, we unfortunately cannot proceed with their transaction. Maintaining compliance and safeguarding everyone’s interests remain our top priorities.

Q3) What are risks that buyers and sellers take when using an unlicensed escrow or payment site?

Answer: Unlicensed services operate without regulatory oversight or professional accountability, which can expose buyers and sellers to fraud or misappropriation of funds. If an unlicensed provider makes a mistake or absconds with assets, you could be left with limited legal recourse and no guaranteed path to recover your money. By contrast, our law firm is subject to bar association regulations, and we also carry robust Errors and Omissions ($1,000,000/$2,000,000) as well as Crime coverage ($10,000,000). This accountability and insurance protection provide a higher level of security and recourse in the unlikely event something goes wrong.

Q4) You are a law firm that does escrow transactions. What are the advantages for a customer that you are an actual lawyer?

Answer: Engaging a law firm for escrow transactions offers significant benefits. We’re bound by professional ethics, confidentiality rules, and fiduciary duties, all enforced by our state barS. This ensures a higher standard of care, legal oversight, and liability protection compared to non-legal entities. If disputes or complex legal issues arise, we have the expertise to address them promptly while safeguarding client interests. We are also able to design complex legal contracts to facilitate the out of the ordinary escrow.

Q5) A few years back you announced the ability to pay and get paid with crypto. How has that been? Any unique problems or hoops to jump through?

Answer: Integrating cryptocurrency payments has been a valuable addition, reflecting the shifting landscape of digital transactions. The main challenges involve navigating crypto’s volatility and ensuring compliance with applicable regulations, such as anti-money laundering requirements. We handle crypto transactions with the same rigor as traditional payments—requiring proper documentation, adhering to KYC / AML protocols, and enforcing internal checks to mitigate risk. This approach has allowed us to offer clients added flexibility without compromising on security or compliance. Clients have been very happy to be able to pay or be paid in crypto.

Q6) Tell our readers why EscrowDomains.com should be their escrow provider.

Answer: EscrowDomains.com stands out because we blend deep legal expertise with unwavering commitment to compliance and client protection. As a licensed law firm, we meet rigorous standards that most non-legal escrow services do not. Our comprehensive Errors and Omissions and Crime coverage policies provide an additional layer of financial protection, while our focus on personalized service ensures a transparent, efficient, and secure experience for all parties. We understand the unique nuances of domain transactions and strive to make every step of the process seamless and worry-free.