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Why would it need to? If Monero transactions can't meet AML/KYC compliance (they can't), then exchanges in the US can't serve as an offramp for Monero/USD trans
by brian-armstrong 4y ago
Why would it need to? If Monero transactions can't meet AML/KYC compliance (they can't), then exchanges in the US can't serve as an offramp for Monero/USD transactions. Isn't that sufficient?
- Forbo 4y agoMonero doesn't need to be AML/KYC compliant, the exchange does. And even if Monero did need to be compliant, view keys exist.
- legulere 4y agoThat's like saying banking systems don't need to be compliant, banks need to be.
- MacsHeadroom 4y agoAnd that would be correct. Cash isn't compliant. Cash exchangers are. Monero is cash-like and exchanges can be compliant and sell Monero in the US (a few do). It's just a lot of extra work, especially including the additional fraud risk it brings them.
- edf13 4y agoHow about exchanges in the US that take a deposit of USDC/T/other that was further down the chain came from Monero. How can you prove compliance?
- codedokode 4y agoAll cryptocurrencies are not compliant with KYC. You don't need to provide any documents to create a Bitcoin wallet (and that's great).
- brian-armstrong 4y agoEh? You most certainly do have to provide documents to cash it back out. Your exchange may also review transactions coming into your wallet. This is the part Monero fails at.