provoost on Nostr: Thankfully since Brexit the UK can have its own Bitcoin friendly policy! In any case, ...
Thankfully since Brexit the UK can have its own Bitcoin friendly policy!
In any case, this comes from the #FATF and they're pushing that stuff globally. The EU does it slightly different from the UK, but most of the variation is in how companies enforce it. It sounds like Revolut picked the most shitty way.
It often boils down to cost: if forcing users to send coins back is cheaper than filling out some compliance paperwork, then that's what some companies will do. Especially the kind that doesn't give a fuck about its customers. Just keep in mind that isn't "just the law".
In any case, this comes from the #FATF and they're pushing that stuff globally. The EU does it slightly different from the UK, but most of the variation is in how companies enforce it. It sounds like Revolut picked the most shitty way.
It often boils down to cost: if forcing users to send coins back is cheaper than filling out some compliance paperwork, then that's what some companies will do. Especially the kind that doesn't give a fuck about its customers. Just keep in mind that isn't "just the law".
quoting note1kgm…egmgSad bitcoin in Europe reality check - it’s getting baaaad..
I sent my friend his first bitcoin to Revolut ($30)
He had to verify the wallet it came from. Including my name, wallet etc. since I used a wallet which isn’t kyced (lol) they refused the Bitcoin - he was forced to send it back. Read that again. SEND IT BACK TO THE WALLET.
He couldn’t do anything with it. Fucked up.
But now he’s holding his own keys - he immediately understood why we bitcoin 😂 Barbara Streisand effect.
nevent1q…mrxt