KYC/AML Regulations
The cluster focuses on discussions about Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements, questioning their necessity, legality, and application to banks, crypto exchanges, and related services.
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The answer to this question is in the message you are replying to. At the end of the day there is still a bank with KYC requirements.
Why would they need KYC if they don't handle any money?
Wasn't this essentially illegal already due to KYC regulations?
This is likely due to anti-money-laundering / know-your-client (AML-KYC) US regulations (similar in many other countries).
How are they doing this? I thought the KYC stuff was necessary for anti-terrorism laws. Am I mistaken and they do that for other reasons?
Not sure how they're going to overcome KYC/AML.
KYC (“Know Your Customer”) laws require this. Blame the US government, not Coinbase.
With banks you always go through KYC/AML, this is nothing to do with bitcoin, and everything to do with banks.
No good, you need a capable party for KYC/KYB to ensure compliance with international sanctions, terrorist watchlists, crime investigation, etc. This is an expensive apparatus to maintain.
How is that legal under KYC laws etc?