A warning to those who use Xapo Bank. They have begun closing accounts that deposit conjoined funds.
Kind of ridiculous considering they don't even offer fresh addresses for each deposit. Which is a massive risk to the security of their customers.
I know some bitcoiners here use them for the convenience of having a debit card, but would urge you to think twice about lending them your hard earned sats - that they will potentially freeze.
Just because it's Wences, doesn't mean they don't act like a bank with all the same "compliance" bullshit.
Trusted 3rd parties are security holes. Not your keys, not your coins. KYC is the illicit activity.
Convenience always comes at a cost, and it's a great advert for those who want privacy or can see the writing on the wall, enjoy KYC or partial KYC services while you can, and get your money out.
Sure certain countries might be slow to enforce or don't have the resources to do it so there will always be places to move your business, the more developed markets won't have that luxury
Time to get the training wheels off and use non-custodial bitcoin and learn to recycle capital inside the current options in the ecosystem for goods and services you want, get ahead of the curve
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I have been warned you guys some time ago about xapo.
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Certainly this question has been answered, so forgive me.
But how far down the line of coinjoined funds are they no longer coinjoined. I mean, can't you just conjoin your BTC, send to an address, then send a few smaller transfers to other addresses and then send those to these banks blocking coinjoins? How many transfers away from the original coinjoin do you need to be in order to not be considered coinjoined?
This type of crackdown is going to happen on all kyc areas. It's going to get mighty difficult interacting with the borders of fiat.
I expect self custodial is next...
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They are in the bed with UMA ... so, and in-conditional love for KYC. We are at that time when those "btc/crypto" companies forget about their first years of "fuck the banks" and enter in the phase of "compliance" because we already made it.
Remember, remember...
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The tendency services use KYC is reject anything involved with Coinjoin and privacy.
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If you really need a VISA card, and don't want to deal with KYC bullshit (for now), just spend it (such a punny guy).
Would have used this instead of Spritz if I knew about this prior to signing up.
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