Another reason why you need to think twice before using custodial wallet

[tbct_mt2]

They won't know but they will make sure you will tell them and they will force you, they'll require you to explain where the money come from and what activities you do on unregistered exchanges otherwise your money will be seized or frozen. They requires sender ID and recipient ID exactly to identify every activity you're doing on the blockchain which defeats the purpose of the blockchain.

If you did bad and illegal things, it makes sense if centralized exchanges take action to terminate accounts based on their data collection and detection on your fraudulent activities on their platforms. They do that for their business safety first, even before government send any specific orders to their centralized exchanges.

However, it's completely different and contains more risks for users if centralized exchanges take advantage of such rules to play against their users, just to terminate user accounts, freeze user funds, then steal it.

https://www.cryptowisser.com/exchange-graveyard/

When government regulation comes in, it's guaranteed that they'll try to profile you and your activities on the blockchain because they always want to know about you for tax purpose of course and other motives.

When governments want to do regulations, they can change, and upgrade their laws, acts, regulations with time. When there are such existing regulatory ones, if governments feel like it's time for tightening enforcement, they will do that very quickly and harshly.

Be careful using Binance & Centralized Exchange.

[terrific]

If it is with the centralized exchanges registered on their country, they'll know each transaction users do.
But if you're going to avoid them and do it in a not-registered one, will they still know it?
Because to avoid it is to not use these exchanges that they are registered with.
That is not an agenda though, we're all expecting them that they'll always regulate things.

They won't know but they will make sure you will tell them and they will force you, they'll require you to explain where the money come from and what activities you do on unregistered exchanges otherwise your money will be seized or frozen. They requires sender ID and recipient ID exactly to identify every activity you're doing on the blockchain which defeats the purpose of the blockchain.

When government regulation comes in, it's guaranteed that they'll try to profile you and your activities on the blockchain because they always want to know about you for tax purpose of course and other motives.

I agree, they're going to force every user to tell that to them through forceful implementation.
Asking for the txid, imagine doing it every transaction is so crazy.
We're into this space that values privacy and then here they are, breaking that for their compliance to the regulators.
We have choices to make, can avoid or adhere to their policies because it is convenient as a user.

[Faisal2202]

I had a conversation with an economist who worked with a top corporation in my country. He told me that the government needs to control the crypto space because they need to make monetary policies. He claimed that they need all the transaction information to enable them to make sound monetary policies. The government will keep making non-custodial crypto services difficult to operate.

You seem to have the same problem we are facing in my country. Some law enforcement agencies see those who own crypto as scammers. They still have this archaic false orientation that crypto is mainly used by criminals.

Actually most of them are not staying up to date like what is happening in the market, and not just them but in the past before 2018 everyone thought maybe saying 2024 won't be wrong too because since the institutions and governments have started to accumulate no one is saying this anymore but there was a time when everyone had the same kind of false beliefs.

Most of them just assumed things like this, they never did any research and that's how misbeliefs are spread, people would trust anything if it is in the form of video before but now they know AI can do a lot of things but still those who can't understand this or don't give any cents they will still believe the video is original so the point being made here is, they stay behind either on purpose or not, they don't know the reality, they think it is their right to take our crypto from us.

Also I can't agree more that the government needs to know how much we are earning or making in crypto so they can tax us and make more money and then use it nowhere, no development at all even.

[BlackHatCoiner]

"Please turn on your GPS so we can make sure you aren't doing anything naughty with your own money." Absolute clown show.

It's wild how many people still eagerly hand over their keys and then act shocked when the platform holds their coins hostage over a random KYC update. Get them off the exchange ASAP.

[SeriouslyGiveaway]

"Please turn on your GPS so we can make sure you aren't doing anything naughty with your own money." Absolute clown show.

It's wild how many people still eagerly hand over their keys and then act shocked when the platform holds their coins hostage over a random KYC update. Get them off the exchange ASAP.

Turn on GPS together with KYC are perfect tools for banks and governments to identify locations of their citizens, and any bank transfers so that they know where you were when you made your transactions. It's not only terrible for your privacy but also put you at higher risk of getting caught anytime you governmental officials.

Can you really disappear from the internet?
A video for anyone who are interested in watching and have time for watching.
https://www.youtube.com/watch?v=sGbixee041A

[Comeacross]

Those are centralized platforms and they can do whatever they want to do, with your transaction. As long as your coins are under their custody, they have every right to make decisions that will enable them be in control your coin movement, and transfers to and fro.

It's nothing new to me anymore, imagine setting minimum of $700 via crypto payment, the custody is too clear and obvious.

They can not do whatever they want to do but they can do whatever government instruct them to do. They are operating under licence and regulations by concern authorities. Things like this should be expected from them time to time, people should be ready to embrace them if they want to continue using their services without complain.

Just few days ago, I received a mail from Binance (one of the popular and largest exchange) notifying me that they'll stop accepting transactions from some listed platforms on the deadline date given. Deposit and withdrawal to the listed platforms will not longer be supported. I was just speechless reading the mail.

So, it's their rules and you must play by it if you want to use their platform. It's a good development because we learn how to embrace self custody if the rules are getting more strict and strengthening.