Damn nicehash hit me with KYC because I haven't used my account in a while!?
"Your account is labelled as inactive. Due to our internal security policy, we instruct our users with sleeping-inactive accounts (accounts that weren’t used for several months) to complete the KYC procedure. This procedure enables us to diligently detect and prevent any malicious or unlawful use or use prohibited by our Terms of Service.”
How the hell does KYC protect my account because I haven't used it in a while?
KYC me because of inactivity?
I'll say it..
THIS IS SELECTIVE SCAMMING!
Their behaviour is highly suspect. By not using your account they triggered a KYC requirement therefore it sounds like another excuse to seize customer funds that are sitting there.
Pisses me off too..
I haven't KYCd with them.. Yet.. Not sure if I ever will either..
Spent a lot of time earning a tiny bit of satoshis mostly for fun, because I like crypto, and they try to keep it..
As if they didn't make enough off of their cut..
These places know well that most people aren't going to KYC for a few bucks and that's money in their pocket..
I feel your frustration from the manner in which you expressed it strongly. I have to agree, a very large portion of the KYC implementation is effectively selective scamming because the businesses involved are fairly sure a small number will send KYC documents while a bigger number will let their account and funds be seized.
It is supposed be all about jurisdiction, some websites are operated in place where KYC will be mandatory but many of these websites are not even legally registered as LLC/LTD themselves and their ownership is anonymous yet they use the KYC excuse to happily seize funds. Regarding the 2FA issue, those websites forcing customers are making a mistake they should allow customers to decide their own level of security and in many cases people want to provide as less information as possible to various websites.
This is why crypto is going to shit.. Especially "influential" crypto community members coming to threads like this supporting this BS..
I bet you support all laws everywhere and just want more and more laws all the time don't ya?
Bet ya wish you'd go to jail for not using only your 1 assigned public key too..
With more and more regulation going on in crypto within the mainstream it is different (such as sports sponsorship) because they it will be enforced but the small websites that is using crypto where there is no need or requirement for KYC there should be a heavy movement against it.
If websites ask for KYC upon signing up it is up to the customer whether to join. If the websites asks for KYC after funds have been won/traded/deposited then the customer should be allowed to withdraw them and subsequently have their accounts closed if they do not want to send KYC.