This happens very frequently for Bitcoin businesses and very rarely for regular business, principally because of money laundering risk.
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Why do Bitcoin exchanges have such difficulty demonstrating effective AML/KYC controls? Because money laundering is their main product now.
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(You can also speculate on their ability to continue laundering, with the same tokens, but the actual thing you do w/ exchanges is launder.)
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If you're a compliance officer you're sweating bullets reading the SEC releases because speculation is your plausible deniability story.
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You can't not know what customers intend to do (KYC) and you also can't know that what they intend to do is immediately commit a crime.
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This logic extends to their banks, too. Compliance officer at bank says "What do your customers do with the money?" "Oh you know speculate."
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"Speculate on what?" "... Innovative..." "Unregistered securities offerings?" "Have we told you about blockchain yet?"
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Dumb question: What are the KYC requirements for *sending* wire transfers? I thought KYC was mainly between recving banks & their customers.
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Depends on the jurisdiction but generally the general flavor is "You need to know who is sending it, who is receiving it, purpose."
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Hello Patrick, interesting to see you Tweet about crypto. Does Stripe see these as a threat? Why highlight their flaws? Thanks!
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I don't speak for my employer in the matter. My views are largely consistent with the ones I've been saying since 2010z
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