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Given the new rules on transferring money from “unhosted wallets” (really, just a standard old school wallet) to USD exchanges it may be a bit harder to use the
by runnerup 4y ago
Given the new rules on transferring money from “unhosted wallets” (really, just a standard old school wallet) to USD exchanges it may be a bit harder to use these bitcoins in the medium term future.
When you go to cash out the standard wallet can’t provide a VASP number to the exchange to prove it has a AML chain of custody. So you’ll have to provide additional information about who the funds come from to the receiving exchange yourself.
See regulations 1506-AB41 and 1506-AB47
- nybble41 4y ago> So you’ll have to provide additional information about who the funds come from to the receiving exchange yourself. It's your wallet, so the funds come from you. You may need to sign a message to prove that. The exchange already has your information as the account holder.