That's probably related to the risk of accidentally facilitating money laundering? The exchanges are all forced to implement various "know your customer" processes
Re:Binance banned from doing business in UK
by Mengkudulangsat on Monday June 28, 2021 @01:05AM
(#27658298)
FWIW, I don't mind the KYC concern. I even provided my identification documents to facilitate the process. It's the we-only-do-business-with-exchanges angle that irks me.
I'm pretty sure that most law firms will refuse to pay you with, for example, cash.
Re:Binance banned from doing business in UK
by joejerryronnie on Sunday June 27, 2021 @10:06PM
(#27657375)
Wait, the law firm has agreed to give you/pay you in BTC, but they won’t deposit it into a hardware wallet address you provide them? Why do they even care?
They likely don't implement any BTC support themselves, just have some other company do it that only supports exchanges?
I'm guessing the law firm is facilitating a transfer, like someone trying to buy a house with crypto, or distribute an inheritance.
Re:Binance banned from doing business in UK
by Mengkudulangsat on Sunday June 27, 2021 @11:44PM
(#27657908)
Yup. As for why they would care, something to do with the recent FATF travel rule I suppose.
They require I provide an address tied an account within their "reputable" list of exchanges which ironically includes Binance.
Unless we fight back, the crypto space will quickly devolve into a worse version of banking.