Hi, was planning on joining but they want my Birthdate, so I figured I would research more and found where they require a picture of my ID and a photo of me… The latest question on that is from 2020, so I’m wondering if that’s still the case…
If so, I’m out… There’s no way they need that. I can open a brokerage account right now without them knowing what I look like.
@Scooter55 yes, part of their KYC/AML to make sure you’re not just sending them someone else’s ID is to have you do a picture. It’s just their way of avoiding issues and is one of the reasons why Uphold is one of the few places that haven’t been attacked by the SEC or other government agencies (that I’m aware).
You can always kind of hang tight until on-chain payments arrive, which is in the works. I’m not sure of an ETA for everyone to be invited, but hopefully by the end of the year.
Hi, Saoiray.
I think it’s just a data mining scam. If it were a rule, brokerages would have to do it. Brave should pay rewards in USD or whatever currency instead of partnering with shady companies, but I digress. Thanks for the reply.
Hey @Scooter55, I appreciate your thoughts. One key thing I’ve learned is that governments have been much stricter with companies handling cryptocurrency compared to traditional brokerages. They fear cryptocurrency could replace traditional currencies and have doubled down on claims that it supports money laundering, drugs, and terrorism.
Many cryptocurrency platforms have faced issues due to KYC/AML regulations. Here are some examples:
For more details, check out this article from last year: https://www.wsgr.com/en/insights/beware-increasingly-aggressive-enforcement-actions-in-the-crypto-asset-industry-puts-companies-on-notice.html
KYC/AML is a rule. Typically photo ID is one of the requirements. But as said, Uphold did go one step further due to the incredibly high amounts of fraud and identity theft occurring with cryptocurrency. Better safe than sorry…
Good info, Thanks, Saoiray… We are on different sides of the fence on this, as the current US Gov’t clearly supports money laundering, drugs, and terrorism with the wide open border.
I see all those links as a pure money grab because they can assault the little guy… They can’t do that to major brokerages for instance…
Anyway, I will hope the future is different with verification rules.
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