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They require PII because they can, not because they are legally required. To accept cryptocurrencies and allow people to withdraw them into a wallet, you do not
by dessant 7y ago
They require PII because they can, not because they are legally required. To accept cryptocurrencies and allow people to withdraw them into a wallet, you do not need to verify their identity, unless the tokens are exchanged to fiat on the platform.
There are companies that are more established and popular than Brave which do not ask you to hold your ID next to your face and take a selfie in order to withdraw donations to a cryptocurrency wallet.
- buboard 7y agoi havent tried them all but afaik, the ones that are in US or EU and which allow fiat <-> crypto transactions do
- dessant 7y agoOf course, but Brave should allow creators to withdraw their tokens, without converting it to fiat. Not even users can withdraw their tokens without submitting an ID, let alone creators: https://cryptobriefing.com/brave-cash-out-bat/ https://cryptobriefing.com/brave-cash-out-bat/ It's actually worse than PayPal, where you can receive and withdraw money up to a certain amount a year without submitting an ID.
- buboard 7y agooh ok i see. i should be able to withdraw to any BAT wallet, that's weird. but knowing how much legal scrutiny there is around crypto-enabled companies, i m not surprised to see restrictions