1 BTC Project - A Paxful Update / KYC is coming.

By 2MFTProductions | 1BTC | 9 Jul 2024

I have a rotten soft spot in my heart for Paxful. It was the place where I exchange where I bought my first Bitcoin, and it was crazy. Trades always devolved into an overt scam. I wish I kept a record of my purchases. As you can see through that hyperlink, I was using PaxFul deep in the crypto winter. Its also kind of fun to see my old posts to see how things have changes over the last few years.

In February of 2023 PaxFul exited the Canadian market and honestly I really have not thought about their service since.

Today one of the co-founders is making head lines again. Artur Schaback has please guilty to anti-money laundering failures, specifically conspiracy to fail to maintain an effective anti-money laundering program.

I am very unclear about the case, but it appears that the developers at Paxful did not implement a KYC or an AML program and the American Department of Justice said no siree Bob.

I have linked the article from Bitcoin.com, but it is a statement of fact. The article does not touch on the fact that this is another clear example of KYC regulation creeping into the industry. Paxful has always been a little sketchy, but Artur is only guilty of not following governmental guide lines.

I don't not have a strong opinion on KYC rules, but I do know that a large portion of long time crypto enthusiasts do. The cryptopunk core is antiestablishment. The powers that be have declared that AML and KYC protocols are coming to American platforms and exchanges. If you do not comply you will suffer the consequences.

This is one of the main reasons I hold some BNB token. As American exchanges get taken out to make room for traditional asset manager ran ETFs having a large "safe, established exchange operating outside of the United states will be very valuable.

Anyways let me know if you are worried about KYC compliance and how you are dealing with that.

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