Blockchain.com Wallet KYC

[Yogee]

I used to keep my money in the Blockchain wallet, and I was okay with it. I had my pass phrase, password, 2FA. Then there was a time when I wanted to access my wallet, but the code from Blockchain just didn't arrive to my phone, and the email confirmation didn't arrive either. It was a technical issue, of course, and everything arrived the next day, but that's when I decided to move to Electrum, at least. I'm glad I did that, given how Blockchain is starting to involve KYC, reporting taxes and stuff. But as for the safety of storing money on Blockchain, I do believe they don't have access to passphrases and that technically the coins do belong to customers. Still, though, why risk it if there are good alternatives.

If I'm not mistaken, as you've also mentioned, Blockchain.com does provide you with your seed phrase and private key. Although, I've also faced similar issues with what you've claimed. Not on the same platform, it was BitGo, was my fault though and not the service's.

I had lost access to my 2FA device, resetting it requires 48 hours, for security purposes of course. As a result, I lost a great trading opportunity, and that's one of the reasons I turned to Electrum, even though it was purely my fault.

I never used this service and I have o plans to do so but kindly answer these questions. Can you use your blockchain.com seed phrase in another wallet provider and access your funds? I'm also curious if blockchain.com restrict your money for suspicious activity since they require information that centralized exchanges and custodial wallets usually do.

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[hosseinimr93]

I do believe they don't have access to passphrases and that technically the coins do belong to customers.

As the source code isn't available to the public, there is no way to know that. It's possible that they have access to users seed phrase
(The 12 words you use for recovering your wallet is called seed phrase, not passphrase.)

Can you use your blockchain.com seed phrase in another wallet provider and access your funds?

Yes. The seed phrase they give you is BIP39 and is compatible with many other wallets.

I'm also curious if blockchain.com restrict your money for suspicious activity since they require information that centralized exchanges and custodial wallets usually do.

blockchain.com is both a wallet and an exchange.
If your fund is on their wallet, it can be recovered using your seed phrase.
If your fund in on their exchange, they can do everything they want.

[Mart1ncrypto]

I suggest you read the reviews on this page. People there are discussing the topic of verification on the blockchain.com site.

[doctor877]

if not for the sake of centralization, then whats the need for asking people to do kyc. its a pity we are speaking and talking daily about freedom but yet we are at the mercies of centralized exchanges and custodian wallets. its good there are always alternatives so you can make many choices.

[alik111]

I also received the same email from Blockchain wallet.But I have not verified and they offered another 20$ bonus
 for holding 100$ Bitcoin. I just ignored this offer as I am not interested to do kyc verification.

[jrrsparkles]

Every company wants to collect data because they know how much precious it can be for themselves even like future promotions,etc. I don't really use blockchain.com anymore because its one of the wallet filled with bugs even after this much experience they can't be able to provide experience like coinbase atleast.

[tbct_mt2]

Every company wants to collect data because they know how much precious it can be for themselves even like future promotions,etc. I don't really use blockchain.com anymore because its one of the wallet filled with bugs even after this much experience they can't be able to provide experience like coinbase atleast.

Fortunately, you are free too choose what exchanges or wallets to use and decide to submit your identity documents for KYC or reject to do so.

There are non KYC exchanges and platforms for you to use: https://kycnot.me/
Not your keys, not your coins: https://notyourkeys.org/
KYC is dangerous and when you lose your identity documents on the Internet, you lose it forever. Why KYC is extremely dangerous and useless

[Sir Legend]

I think KYC is a bad strategy from wallet owners or exchanges who want to steal our money, I still have assets in several exchanges and unfortunately when it's been inactive for almost 3 years and seeing the current market prices are fantastic it seems they blocked my account and asked for KYC, when I was able to enter with KYC but all deposit addresses changed and the balance was lost without being able to do anything.

[tomholland1111]

Cryptocurrency Wallet Development Services


We are an end-to-end cryptocurrency wallet development company that provides excellent and secure multi-cryptocurrency wallet development services.Avail crypto wallet development solutions to eliminate identity theft, stop digital fraud and any malicious behavior in trading and money. transactions

[fzkto]

If any wallet offers you KYC, you should forget about that wallet and use another one. Blockchain.com has been popular for a long time, but now there are many other good services that have much more functionality than this wallet. Generally, confirming your identity and showing your documents to unknown people on the Internet is not the best idea. It's even better to choose exchanges where you can buy and sell crypto without KYC.

[Ultegra134]

I suggest you read the reviews on this page. People there are discussing the topic of verification on the blockchain.com site.

That's interesting, I never faced any issues with Blockchain.com, but that belongs to the past, since a lot of things have changed since then. Although, we can't be 100% sure about the legitimacy of these reviews, let me elaborate. Blockchain.com does provide you with your private keys and the seed phrase, at least they used in the past, how can someone block your wallet if you actually have your keys, can't you import them into Electrum for instance?

[hosseinimr93]

how can someone block your wallet if you actually have your keys, can't you import them into Electrum for instance?

Yes, You can import your seed phrase into any other wallet supporting BIP39 seed phrase and access your fund.
I have read many reports regarding blocking accounts on blockchain.com. But they all are related to their trading account and they have nothing to do with blockchain.com wallet.

[rugrats]

Bitcoin should not be stored on a wallet that requires KYC, you should move all your assets to a wallet that does not require KYC. I can't understand, what is the bitcoin storage wallet that requires KYC for. If it's an exchange that requires KYC to combat money laundering and transaction fraud, that's acceptable.

[Ultegra134]

how can someone block your wallet if you actually have your keys, can't you import them into Electrum for instance?

Yes, You can import your seed phrase into any other wallet supporting BIP39 seed phrase and access your fund.
I have read many reports regarding blocking accounts on blockchain.com. But they all are related to their trading account and they have nothing to do with blockchain.com wallet.

I see, I wouldn't use their trading platform either, there are much better options, safer, more established and trusted ones. There are so many exchanges nowadays, that I can't find a single reason to use their service, to be honest, I didn't even know that they operated as an exchange. I'd appreciate if someone could answer if they also offered it in the past, since I've only used their wallet.

[hosseinimr93]

I'd appreciate if someone could answer if they also offered it in the past, since I've only used their wallet.

Click here to see the oldest version of their exchange page I could find. It has been taken on December 21, 2019.

Edit:
They launched their exchange in July 2019. Click here to see the reference.

[Ultegra134]

I'd appreciate if someone could answer if they also offered it in the past, since I've only used their wallet.

Click here to see the oldest version of their exchange page I could find. It has been taken on December 21, 2019.

Edit:
They launched their exchange in July 2019. Click here to see the reference.

Great job, I never remembered providing such a service, the past few months I've been bombarded by emails. I don't see any reason to use their services anymore, they've completely changed their business plan. On top of that, I don't like their trading fee policy, the maker (the person who places the order) is charged 0.20% and the taker (the one who accepts your order), is charged 0.40%. Most exchanges, such as Binance don't charge that much, while their interface isn't the best I've seen (compared to those I've used, Binanxey, Bitstamp and Kraken).