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Does this not apply to Paypal? Because I read some ridiculous requirements on coin sites, such as sending scans of your national IDs or even doing videos of you

Does this not apply to Paypal? Because I read some ridiculous requirements on coin sites, such as sending scans of your national IDs or even doing videos of yourself. All the while Paypal only has name and address and perhaps a credit card number. Seems to me coin sites are either smothered in red tape or so afraid they go above and beyond the legal requirements.

tootahe45 6y ago
In my experience, it does apply to paypal, except they wait until you put a minimum amount into your account and then lock it pending KYC. This basically forces you to provide KYC documents (or say good bye to your money). This is likely so they can avoid the 99% churn rate they'd get if they KYC'ed people on registration, IMO there should be a law against this practice or just fix draconian KYC laws. Skrill did the same with ID required, except i still cannot access my $900 2 years later because the KYC is fully automated.