10 sats \ 2 replies \ @ChrisLAS 30 May 2023 \ on: Prime Trust out at Swan, and other changes bitcoin
It seems good at first pass, but I get the impression they are moving really fast.
The first heads-up we got was 2 days before the email telling us its happening now and that our DCA will be paused for an undefined amount of time.
The email also tells us to log in, accept the change, and withdraw our BTC. But when you login, they don't have it ready to accept the change. A Twitter update suggests that it should be available by tomorrow.
Then it seems once we can agree/accept the change, we have just a few days to do it before they close our account.
I know they have been looking into Prime Trust alternatives since at least January, but a few things about this transition feel really rushed.
(Which is fine. These things happen. I would like some more transparency)*
The rushed aspect has me concerned. I'm probably going to withdraw my btc, which isn't much, and let them close my account. I may not have a choice anyway. I have a NY account, which was grandfathered in and allowed to remain open after they stopped serving NY State. The proviso was, if I'm not mistaken, that I couldn't change bank info. I bet I wouldn't be allowed to create a new account right now anyway.
That's okay. I need a good kick in the ass to go full non-kyc anyway.
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It all does feel a little rushed to me too. However, you should already be withdrawing your btc to cold storage. This is what they recommend from day 1. They do not want you to keep anything with the custodian. The one exception to this is if you have an IRA with them. Then you have to keep it at the custodian. I withdraw regularly and then mix in combo of whirlpool on Sparrow and joinmarket.
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