New on LowEndTalk? Please Register and read our Community Rules.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
All new Registrations are manually reviewed and approved, so a short delay after registration may occur before your account becomes active.
Coinify going KYC rampage / introducing travel rule
Hi,
https://coinify.readme.io/docs/travel-rule-customer-data-collection#/
What This Means for Your Customers
To comply with the Travel Rule, we will require customers to complete a basic KYC (Know Your Customer) flow within the Payment Window flow before transacting. This will include collecting the following data, depending on whether the customer is an Individual or a Business:
Full legal name (or Business name in case it's a business customer)
Email
Country of residence
Residential Address
Date of birth
Legal Entity Identifier (only in case of Business customers)
Type of the wallet the customer is paying from or receiving funds to (custodial/non-custodial)
Wallet address (for non-custodial walets) or Exchange name (in case of Custodial wallet)
i guess time to find something new...
Comments
Cryptomus does the same. All of them will do the same. The best is to using self hosting solution. Some Hosting Providers will still using 3rd party. But the KYC will be enforced…
I prefer to pay a little fee for self payment (BTCPay Server) instead paying to payment gateway to ask me to do KYC.
plisio? heleket? coinpayments? have had no issues with those but uncertain
Hi,
then i guess we need to search something for self hosting.... any software solution out there or do we have to dev it from scratch?
Those probably will follow the others steps in couple months. That is just a marketing strategy to cap customers and companies. Then when they are “big enough” they change their policies and start to implement AML / KYC etc
except for heleket these companies have been around for a while though
Checkout btcpay, it's good is what I heard
By managing crypto yourself you'd incur in capital gains / losses and related bureaucracy, I did the paperwork once and it wasn't worth the trouble at all. There are online services that claim to compute crypto taxes by processing the transactions on your addresses, they are BS and the results they produce are wrong if the gains/losses span multiple crypto exchanges. I wrote my own software for this using the LIFO rule but it only works for bitcoin.
That's all well and good, but Cryptomus didn't ask for KYC at the beginning either, and if it did, it was very rare. Now they've started to introduce it.
Unfortunately, this is going to be a recurring practice in these companies. It may not be today or tomorrow, but in a few months it will happen.
https://www.corporatecomplianceinsights.com/eu-taken-another-step-toward-unified-aml-supervision-processes-ready/
https://finance.ec.europa.eu/financial-crime/anti-money-laundering-and-countering-financing-terrorism-eu-level_en
This article indicates that it will be fully operational in two years.
So it should arrive there soon too. If it doesn't, great. But I have my doubts.
VSYS has created a self-hosted solution called shkeeper.io, its here in Github https://github.com/vsys-host/shkeeper.io but ive not checked it tbh. There is also BTCPay Server
It's MiCA - the antycrypto europian lawes.
Switch to oxapay works great no KYC from you or from the customer