How does it work?
We provide transactional legal services to buyers and sellers of crypto to allow them to anonymously buy or sell crypto from other BitLawyer clients – quickly and easily. Our legal services include: (a) facilitating negotiations between buyers and sellers, (b) drafting a Purchase Agreement, (c) facilitating the execution of the Purchase Agreement, and facilitating the transaction, including through escrow if requested by the clients.
See below for a more detailed breakdown depending on what kind of client you would be.
I’m selling or exchanging my crypto and already have a buyer lined up
- You and the buyer each enter into a Retainer Agreement with BitLawyer creating an attorney-client relationship with BitLawyer for the purposes of facilitating the transaction.
- BitLawyer works with the buyer and seller to ensure all terms of the transaction are agreed upon.
- BitLawyer drafts a Purchase Agreement for the transaction and ensures that both parties execute the agreement.
- BitLawyer helps facilitate the transaction in accordance with the terms of the Purchase Agreement.
- (Optional) If specified in the Purchase Agreement, BitLawyer will escrow the crypto and/or the purchase price to ensure full performance by both parties.
- (Optional) If specified in the Purchase Agreement, BitLawyer will anonymize the crypto transaction so that no connection can be drawn between the buyer’s and seller’s wallet addresses. (Only available for BTC.)
I want to sell or exchange my crypto and do not have a buyer lined up
- You enter into a Retainer Agreement with BitLawyer creating an attorney-client relationship with BitLawyer for the purposes of facilitating your desired transaction(s).
- You receive access to the BitLawyer Client Portal where you can find other BitLawyer clients that are looking to buy crypto.
- Once you find a buyer that meets your criteria, BitLawyer will work with you and the buyer to finalize the terms of the transaction.
- BitLawyer drafts a Purchase Agreement for the transaction and ensures that both parties execute the agreement.
- BitLawyer helps facilitate the transaction in accordance with the terms of the Purchase Agreement.
- (Optional) If specified in the Purchase Agreement, BitLawyer will escrow the crypto and/or the purchase price to ensure full performance by both parties.
- (Optional) If specified in the Purchase Agreement, BitLawyer will anonymize the crypto transaction so that no connection can be drawn between the buyer’s and seller’s wallet addresses. (Only available for BTC.)
I’m looking to buy some crypto
- You enter into a Retainer Agreement with BitLawyer creating an attorney-client relationship with BitLawyer for the purposes of facilitating your desired transaction.
- You receive access to the BitLawyer Client Portal where you can find other BitLawyer clients that are looking to sell crypto.
- Once you find a seller that meets your criteria, BitLawyer will work with you and the seller to finalize the terms of the transaction.
- BitLawyer drafts a Purchase Agreement for the transaction and ensures that both parties execute the agreement.
- BitLawyer helps facilitate the transaction in accordance with the terms of the Purchase Agreement.
- (Optional) If specified in the Purchase Agreement, BitLawyer will escrow the crypto and/or the purchase price to ensure full performance by both parties.
- (Optional) If specified in the Purchase Agreement, BitLawyer will anonymize the crypto transaction so that no connection can be drawn between the buyer’s and seller’s wallet addresses.
Become a Client
BitLawyer currently accepts clients on a “referral-only” basis. If you would like to be notified when we are accepting not clients on a non-referral basis, please contact us using the link below.
FAQ
Why use BitLawyer instead of a centralized exchange (CEX) or a decentralized exchange (DEX)?
BitLawyer’s services are not meant for the average buyer or seller of crypto. As a licensed attorney providing legal services to its clients, BitLawyer is able to maintain the anonymity of its client buyers and sellers to a much greater degree than CEXs, which are subject to various regulatory reporting requirements.
Although DEXs offer great anonymity, they are not a viable option for certain buyers and sellers who are subject to certain legal, regulatory or logistical restrictions.
How does the Client Portal work?
The Client Portal allows clients to post their proposed crypto sale or purchase transactions so that other BitLawyer clients can choose whether to enter into the proposed transaction. Clients can also propose counteroffers to proposed transactions to allow the buyer and seller clients to reach a final agreement on the terms of the transaction.
How do I access the Client Portal?
Clients will receive a link to the Client Portal by email. Non-clients cannot access the Client Portal.
Does Bitlawyer’s representation of me extend beyond my crypto transaction?
Generally no. Unless stated otherwise in your Retainer Agreement with BitLawyer, BitLawyer’s representation of you is limited to the transaction(s) at hand and does not extend to any disputes with the other party to the transaction or to any other matters.
How much does BitLawyer charge?
Bitlawyer generally charges a fee of 1% of the transaction amount for its legal services. This can be paid by either the buyer or seller (or both) and can be handled inside or outside of the escrow – as agreed to by the parties to the transaction. BitLawyer does not charge for its escrow services, which are merely ancillary to the transactional legal services being provided by BitLawyer to its clients.
Will I remain anonymous?
BitLawyer must know the identity of all of its clients. However, it will not disclose the identity of its clients or the details of their transaction to anyone unless (a) the client consents to such disclosure in writing, (b) BitLawyer is required to do so under applicable law (eg. it receives a valid subpoena from a court of competent jurisdiction) and (c) if a party to a transaction fails to materially perform, solely to the other party to the transaction so it can enforce its rights under the Purchase Agreement.
Client’s can choose a pseudonymous handle to use for their posts to the Client Portal and for their communications with other clients through the Client Portal.
Will I know the identity of the other party to the transaction?
Clients’ identities are not disclosed to other clients they are entering into a transaction with as long as both parties to the transaction comply with their obligations. However, BitLawyer will know the identity of both the buyer client and the seller client. BitLawyer will only disclose the identity of one party to a transaction to the other party if (a) the client consents to the disclosure (whether in the Purchase Agreement or otherwise) (b) one of the parties breaches its obligations under the Purchase Agreement, in which case BitLawyer will disclose the identity of the breaching party to the non-breaching party or (c) BitLawyer is compelled to under applicable law (eg. BitLawyer receives a legally enforceable subpoena or court order).
How can I trust the other party to perform if they are anonymous?
To provide certainty that a transaction will consummate, BitLawyer can escrow the crypto being sold and the purchase price. More specifically, the seller will deposit their crypto with BitLawyer and the buyer will deposit the purchase price with Bitlawyer; and BitLawyer will only release the crypto and the purchase price once each has been deposited into escrow. If one party fails to make their escrow deposit within the applicable timeframe, the transaction will terminate and any escrow deposits will be returned.
What crypto can be bought / sold and what form of payment is accepted?
Currently, BitLawyer only represents clients selling Bitcoin (BTC) and Ether (ETH). Buyer clients can pay using USDC, BTC or ETH, depending on what is agreed upon by the buyer and seller. Note that while USDC is an acceptable payment method, US Dollars are not.
How are prices determined?
Seller or Buyer clients can set price(s) when initially posting an offer onto the Client Portal. Prices can be specified as a specific price per unit of crypto, or as some fraction of the prevailing market price for the crypto at a particular specified date/time. For example, a Seller client can post an offer to sell 1 BTC at the price of 95% of the market rate for 1 BTC at the time the purchase agreement is entered into.
Does BitLawyer offer multisig escrow?
Yes. Bitlawyer allows transactions to be consummated with multisig escrow. However, BitLawyer generally recommends against multisig escrow because it forces at least one of the parties to the transaction to rely on the other party to release the multisig escrow.
Where does the transaction occur?
Bitlawyer is located in California and all transactions and escrows facilitated by Bitlawyer must occur in California. Bitlawyer is a licensed attorney in the State of California and, accordingly, is permitted to escrow funds of its bona fide clients engaged in personal property (including crypto) transactions. However, BitLawyer is not actively engaged in the business of an escrow agent and its escrow services are provided to its clients solely to help facilitate the desired transaction between the clients.
Do I need to sign a conflict waiver?
Yes. As part of your retainer agreement, you will need to consent to Bitlawyer’s representation to both sides of your transaction(s). If you are not able to give the required informed consent, then you will not be able to use BitLawyers transaction representation services.
What if a client backs out of a transaction?
If a client fails to materially perform its obligations under a duly executed Purchase Agreement, then BitLawyer (a) will disclose the identity of the breaching party to the non-breaching party, (b) will terminate the transaction, (c) refuse to facilitate any future transaction with the breaching party and (d) permanently terminate its attorney-client relationship with the breaching party, to the extent permitted under applicable law and BitLawyer’s ethical obligations.
How long do transactions take?
Transaction duration depends heavily on the specific terms agreed to between the buying client and the selling client. That said, once a Purchase Agreement is executed and the necessary crypto and/or purchase price is deposited into escrow, transactions can generally be completed some day.