FORCED KYC for a Crypto Wallet and Account ???
So…Im over in the r/electroneum reddit and i see that people can NOT get access to their ETN in their accounts because they have to do KYC for their, from what I understand, Wallet.
Not exchange, but their WALLET.
So, I ask, creating this thread :
The mod over at r/Electroneum ended up closing the thread that I posted asking why, and sent me this link as to why :
It contains excerpts like this :
"Can’t you just stop with all this boring stuff and just give me access to my account?"
This might be boring and frustrating for some but as you can see it is very important and we take the protection of the ETN Community and the ETN ecosystem VERY seriously.
No one individual is more important than the ETN Community as a whole and so we have to protect all of us, even if that means potentially becoming unpopular with some of us.
Sorry, but this is how it has to be. No exceptions.
Heres another one :
"Your processes are way over the top, and excessive. My friend has a wallet with someone else and he doesn’t have any hassle getting into his account."
Understood, but let’s look at this for the security of your ETN account. We base it on global standards set out by global organisations, for global implementation, namely:
The Joint Money Laundering Steering Group (JMLSG) is a private sector body that is made up of the leading UK Trade Associations in the financial services industry.
The Financial Action Task Force (FATF) is the global money laundering and terrorist financing watchdog.
Have a look, you can see very clearly what they say “Good” looks like. If your friend's wallet isn’t putting this in place, he should think again. This is global. That means everyone should be doing this.
Go read the rest of the reasons that they give.
Im posting this because i want to know how you guys in this forum feels about it.
I dont like it and ive protested it.
I havent been banned (yet) but maybe im over reacting.
Maybe im wrong.
You can still see my responses and again, maybe im wrong.
But im asking for everyone elses opinion on this over several crypto reddit threads because maybe its me. Maybe im missing something.
Maybe Electroneum is justified.
But for me, it seems like its centralized and controlling, just like a typical bank, the very thing were trying ot get away from hence DE Centralization.
The irony is, that, i believe they were a fork of….