RATE Group | Currency.com Accused of Exploiting KYC to Withhold Customer Funds
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Currency.com Accused of Exploiting KYC to Withhold Customer Funds

18 Feb Currency.com Accused of Exploiting KYC to Withhold Customer Funds

Posted at 15:41h in Bitcoin News by

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Currency.com Accused of Exploiting KYC to Withhold Customer Funds

Know Your Customer (KYC) and Know Your Transaction (KYT) are ostensibly deployed by exchanges to combat money laundering. In practice, these provisions are used as an excuse to surveil, cajole, and threaten customers, who risk losing funds if they are unable to meet the impossibly high burden of proof. An investigation by news.Bitcoin.com suggests that tokenized securities exchange Currency.com is complicit in such behavior.

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Locked, Stocks, and Two Smoking Barrels

“My funds are stuck on Currency.com. They say I need to prove origin of funds and are refusing to release them. Can u investigate?” So read the anguished Telegram message I received from a cryptocurrency trader last month. News.Bitcoin.com does not have a mandate to investigate hard luck stories; we are a news organization, after all, not customer support. However, I had a connection of…

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