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I'm dealing with an American law firm at the moment (Baker McKenzie) that just categorically refuse to deposit BTC into my personal hardware wallet. They requi
by Mengkudulangsat 5y ago
I'm dealing with an American law firm at the moment (Baker McKenzie) that just categorically refuse to deposit BTC into my personal hardware wallet.
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.
- joejerryronnie 5y agoWait, 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?
- lnanek2 5y agoThey likely don't implement any BTC support themselves, just have some other company do it that only supports exchanges?
- lupire 5y agoI'm guessing the law firm is facilitating a transfer, like someone trying to buy a house with crypto, or distribute an inheritance.
- Mengkudulangsat 5y agoYup. As for why they would care, something to do with the recent FATF travel rule I suppose.
- erdo 5y agoThat's probably related to the risk of accidentally facilitating money laundering? The exchanges are all forced to implement various "know your customer" processes
- Mengkudulangsat 5y agoFWIW, 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.
- vkou 5y agoI'm pretty sure that most law firms will refuse to pay you with, for example, cash.