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Strike Adopts Transfer of Funds Regulationstrike.me/faq/what-is-the-travel-rule-regulation/
1945 sats \ 41 comments \ @ek 31 Dec 2024 bitcoin
Similar to my post about Kraken (#827547), Strike now also wants to know if you're sending to yourself or to someone else:
I tried both options and there is no verification afaict. After clicking on next, it's loading something but I think that's just pathfinding since the next screen is immediately the "send" screen with routing fees displayed. This was for less than 1m sats over lightning (BOLT12).

What is the Travel Rule regulation?

The Travel Rule, established by the Financial Action Task Force (FATF), is a set of requirements for financial institutions to collect and share information about the originators (senders) and beneficiaries (recipients) of financial transfers. The Transfer of Funds Regulation (TFR) is the EU's counterpart to the FATF's Travel Rule, and is part of the Anti-Money Laundering Package as well as the MiCA Regulation. As of 2025, the Travel Rule will treat crypto-asset transfers, like Bitcoin, similarly to traditional bank transfers, requiring the sharing of sender and receiver information. The stated intention of the Travel Rule is to combat money laundering and terrorist financing.

Where does the Travel Rule apply?

Currently, the Travel Rule has been adopted by regulators in the EU and the UK.

What does this mean?

If you’re based in the EU or UK and send bitcoin (or other crypto-assets) from your account at a crypto-asset service provider, certain information such as name, address, and identification details is required to be shared. All licensed EU crypto-asset service providers are required to comply with the Travel Rule.
For Strike customers If you’re sending or receiving using external addresses or wallets via the Bitcoin or Lightning Networks, you’ll need to provide information about the source or destination of your funds, whether it’s your personal wallet or someone else’s.
For example if you’re sending or receiving bitcoin from Strike to your cold storage wallet, you may be asked to verify that you are the owner of this wallet. Similarly, if you’re sending or receiving from another crypto-asset service provider, such as a crypto-exchange, you may be asked to confirm which entity this is and whether you are the owner of the account at that entity.
For Strike as a company Strike is required to collect, verify, and securely share originator and beneficiary information with other crypto-asset service providers and regulators.

Is my information safe?

At Strike we take security, and the security of your information very seriously. We only request information that is strictly required for regulatory compliance and share it solely for that purpose, never with unrelated third parties. All data is securely handled in accordance with GDPR standards. You can read our Privacy Notice for an overview of how we manage personal data.

Learn more

For more information about the Travel Rule, visit the official websites:
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490 sats \ 1 reply \ @Aardvark 31 Dec 2024
As much as I'd like to look down my nose at the EU and say something snide, realistically it's not any better in the US. They aren't monitoring our bitcoin transfers yet, but realistically it's only a matter of time.
You can't even withdraw $10,000 of your own money without automatically getting flagged to FinCEN (Financial Crimes Enforcement Network).
I don't think governments will be happy until they either stomp bitcoin out, or control it completely. I don't think that they can completely accomplish either goal, but they can sure try.
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32 sats \ 0 replies \ @BlokchainB 31 Dec 2024
Man I got a wild story about this. Without revealing too much. Please know if you withdraw a large some of cash from any American bank the government knows.
Between this and taxes American men are 100% cucks. We take this treatment and don’t complain or do anything about it
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118 sats \ 2 replies \ @anon 31 Dec 2024
And no announcement or email from Strike? Not OK
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33 sats \ 1 reply \ @ek OP 31 Dec 2024
I received no email so I assume there was indeed no email
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11 sats \ 0 replies \ @ek OP 31 Dec 2024
update: I received an email 3 hours ago
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10 sats \ 0 replies \ @Bell_curve 31 Dec 2024
So much for Brexit
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94 sats \ 15 replies \ @SpaceHodler 31 Dec 2024
So every time you pay an LN invoice, it asks you whether you're withdrawing to your own wallet or paying someone?
Sounds bad, but I guess those KYC services were never meant to be used as 'wallets'. They're on-ramps; a place you deposit fiat, buy corn and withdraw it somewhere you won't be spied on.
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94 sats \ 14 replies \ @supertestnet 31 Dec 2024
They are bad on ramps because they log and report all of your purchases to folks who do not need to know (namely, government's and advertisers). I use robosats, bisq, and bisq2 because they respect your privacy and, due to not asking for or verifying any personal info, they are easier to use than the regulated exchanges anyway
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63 sats \ 8 replies \ @BlokchainB 31 Dec 2024
The liquidity on these services is terrible. Trying to buy thousands of dollars worth of sats is not easy
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81 sats \ 7 replies \ @supertestnet 31 Dec 2024
The liquidity on these services is terrible
That is why I keep trying to convince people to use them
The park will stay empty til people start playing there
When you notice there's no liquidity -- make an offer!
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99 sats \ 1 reply \ @ek OP 31 Dec 2024
Starting today, I’ll exclusively use RoboSats for at least two weeks
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11 sats \ 0 replies \ @BlokchainB 31 Dec 2024
Good luck! For small amounts it works great. But soon as you hit $1k or $5k buys it’s terrible
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11 sats \ 4 replies \ @BlokchainB 31 Dec 2024
I used them and it wasn’t user friendly and the liquidity was terrible. Once more people come I’ll come back.
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26 sats \ 3 replies \ @supertestnet 31 Dec 2024
Once more people come I’ll come back
Liquidity providers might not be there because "no one's buying thousand-dollar amounts there." Place those offers, and keep them up, and liquidity providers will be attracted to the platform so they can fulfill them and earn money.
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0 sats \ 2 replies \ @BlokchainB 31 Dec 2024
Sounds like a chicken and egg problem. Plus the fiat payment methods for large amounts are terrible. On these platforms Money orders can only go so high before they KYC you. Zelle and strike KYC you as well. Doing a large cash transaction in person for BTC is risky
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0 sats \ 1 reply \ @028559d218 1 Jan
if you dont mind me asking... what p2p methods do you guys use? strike is kyc, zelle is too. revolut is only in europe. from looking at robosats orderbooks... vast majority of orders are for strike with a few for wise/zelle but mostly strike.
is that what you guys see? i would be OK exchanging for cash in public places but for no more than 500fiat at a time and only with lots of people about
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11 sats \ 4 replies \ @SpaceHodler 31 Dec 2024
I don't use p2p exchanges, because I don't want my bank accounts closed without a warning. It's easier to find workarounds for withdrawing from exchanges than banks closing accounts.
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11 sats \ 0 replies \ @supertestnet 31 Dec 2024
You do not need a bank account to use a p2p exchange. You can buy bitcoin by mailing a money order to a bitcoin seller, or, if *you* are a bitcoin seller, you can have the buyer mail a money order to you and redeem it at any place that processes money orders.
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11 sats \ 2 replies \ @stack_harder 31 Dec 2024
use a burner bank account like revolut, wise or your local equivalent and if it gets shut down, your main account won't be affected
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0 sats \ 1 reply \ @SpaceHodler 31 Dec 2024
I don't want to lose my Revolut or Wise, those are anything but burner accounts. Without them I'd have half my fiat income.
We have many traditional banks, I guess I could use those, but only while my accounts last, which probably wouldn't be long.
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7 sats \ 0 replies \ @stack_harder 31 Dec 2024
of course, in your case, they might not be, but there are always alternatives. i can say at least for years of cex buys and now non kyc buys, I've never had an issue.
that being said, rev, wise, PayPal, are all hot wallets to me, not for holding large balances, they do enough shit and close accounts without crypto and their support is garbage ai. whereas at least with my actual bank and i can call them a talk to a person etc
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32 sats \ 0 replies \ @Manikese 31 Dec 2024
If everyone just chooses “myself” every time then this silliness will be futile.
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11 sats \ 0 replies \ @0xIlmari 1 Jan
I had Strike installed just in case I needed a custodial wallet for whatever reason.
Got the email about travel rule, immediately requested deletion of account and uninstalled.
Another company captured. Mallers may be going round talking good about Bitcoin but he's bent the knee like everyone else. There is no future in cooperating with the corrupt system.
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11 sats \ 8 replies \ @stack_harder 31 Dec 2024
i dont blame strike, they're a regulated company and all that , but man I'm so glad i started non-kyc buys already
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153 sats \ 7 replies \ @supertestnet 31 Dec 2024
Imagine someone saying "I don't blame the nazi train guy, the regulations were very clear about what he had to do"
"The government told me to" is no excuse for violating your users' trust. A man of principle should shut down his company if his only other option is compliance with evil laws.
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0 sats \ 1 reply \ @stack_harder 1 Jan
strike users by default are all kyc anyway, if you use strike, same as if you use Kraken, you have to understand that you are using a business that must suck whatever dick the government says.
now, if robosats started pulling that shit, that would be a rug
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0 sats \ 0 replies \ @supertestnet 1 Jan
you have to understand that you are using a business that must suck whatever dick the government says
That is not true. Strike and Kraken can shut down their companies. Therefore they are under no obligation to comply with these evil laws.
If the nazi train guy said "you have to understand, I *had* to send them to Auschwitz, my only other option was to quit" -- I would say, "then you should have quit."
Compliance with evil laws is never acceptable, not even when the government says you'll lose your paycheck.
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0 sats \ 4 replies \ @Bell_curve 1 Jan
You have lost all credibility by comparing Strike to Nazi Germany
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0 sats \ 3 replies \ @supertestnet 1 Jan
I think that is silly. Comparing x to y does not imply x is as bad as y.
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0 sats \ 2 replies \ @Bell_curve 1 Jan
your Nazi analogy is lazy and extreme
update:
It means your clip is empty
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0 sats \ 1 reply \ @supertestnet 1 Jan
your Nazi analogy is lazy
That is a dumb criticism in my opinion.
A lazy analogy, I assume, is one that sprang to mind immediately, rather than taking a while to think of. Well, to be frank, I don't think that's a bad thing. After finding the analogy made the point I wanted (which is that no one should follow evil orders), it would be silly and pointless to say "oh, no, that was too fast. Let me spend extra time for no reason -- other than not being called lazy -- to come up with a different analogy that makes the same point." An analogy is critque-able based on its applicability, not based on how easy it was to think of.
and extreme
I'm glad this criticism has to do with my analogy's applicability. And I freely admit that nazis did something far worse than what KYC'd exchanges do. But I don't think that affects the analogy's applicability, because the analogy isn't about *how bad* the violation is; it's about *the rationalization* of the violation. It's about someone saying "Don't blame me! I was just following orders!" And that rationale excuses anything, including far worse things like nazism. It's a bad rationale so I criticized it by "reducing it to the absurd." There is nothing wrong with going to the extreme to win an argument if that's where your opponent's argument leads. And the "just following orders" rationale leads precisely there.
It means your clip is empty
No it doesn't. Analogies don't come with an expiration date. You may be tired of hearing people bring up nazis in argument; but just because it's been done does not mean it's bad to do. An argument does not become fallacious through frequent use so I recommend not dismissing an analogy just because you've heard it many times.
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0 sats \ 0 replies \ @Bell_curve 1 Jan
It's terrible because in your zeal to compare Strike to a Nazi soldier you forgot the more recent and obvious example, i.e. a better analogy: law enforcement and covid mandates
Some law enforcement officials chose not to enforce immoral covid mandates
Others lacked moral fortitude
Comparing anyone or anything to Nazi is borderline disinformation
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11 sats \ 0 replies \ @Shugard 31 Dec 2024
So @ca was right after all.
Such a shame to see this. I hate the EU regulation (as well as all regulations that interfere with my privacy)
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2 sats \ 1 reply \ @jgbtc 1 Jan
If Strike thinks complying with this will get regulators off its back they will be disappointed. When this does absolutely nothing to stop bitcoin adoption they will keep turning the screw until they ban self custody completely or shut down Strike and similar companies. Compliance never works for long.
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0 sats \ 0 replies \ @a40ecaacec 20h
How would they ban self custody completely? Like they banned torrents? Like they banned privacy - they can't.
Just as torrenting continues despite legal restrictions, and self-custody to self-custody transactions remain outside current government regulations, a complete ban on self-custody would be practically unenforceable. Self-custody is essentially knowledge of specific words arranged in a specific order - you would need to ban code and free speech itself to ban self-custody.
You cannot ban a borderless network that no one controls.
Buy on CEXes if you want, send it to self custody or burner wallet immediately, say it's your own wallet (if asked), send to who ever you want and go on with your business as usual.
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0 sats \ 0 replies \ @denlillaapan 1 Jan
So... All this is just regulation theatre?
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0 sats \ 0 replies \ @jgbtc 1 Jan
The only honest answer to "Is my information safe?" Is No.
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0 sats \ 0 replies \ @xz 1 Jan
The whole notion is a farsicality. So, this is the workflow:
  • Are you sending to yourself?
What color is your wallet? How much do you have in your wallet? Send a photograph of this wallet.
  • Are you sending to someone else?
What is their name? What is your relationship to this person. Friend, terrorist or launderer? Where does your friend live?
There should be a third option:
Please check this box if you prefer to decline this demand under the protections of Common Law and the provisions of the Magna Carta, because you prefer not to live in a surveillance state, and prefer to not be exploited by third parties or for your information to be used for marketing purposes.
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0 sats \ 0 replies \ @Rsync25 31 Dec 2024
Not surprised. They wanna money, no bitcoin adoption. Move on
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0 sats \ 0 replies \ @Yogi 31 Dec 2024
End of a good time is near
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