exchanges may randomly use this to freeze and block funds from users, claiming these were “flagged” […]. You are left hostage to their arbitrary decision […]. If you choose to sidestep their invasive process, they might just hold onto your funds indefinitely.
The criminals are using stolen identities from companies that gathered them thanks to these very same regulations that were supposed to combat them.
KYC does not protect individuals; rather, it’s a threat to our privacy, freedom, security and integrity.
- For individuals in areas with poor record-keeping, […] homeless or transient, obtaining these documents can be challenging, if not impossible.
PS: Spanish speakers: KYC? NO PARA MÍ
The problem is we have a tyrannical state defining illicit. Just because someone makes deceleration about something does not make it so.
Crimes need to have a victim otherwise there is no crime regardless of what someone proclaims.
KYC is put in place so the ruling elite can feed their databases regarding most financial activity so they can use that info. to rig the system and increase their wealth and power.
KYC is being used by many businesses as a convenient gatekeeping tool
The more important point is that the state has the gatekeeping and tracking power, they can see your transactions and refuse access because of “suspicious activity”. The business is just “complying with regulations”. If it was a business decision you could just find another.
