Post
Topic
Board Bitcoin Discussion
Re: The PATRIOT Act comes to cryptocurrency
by
Upgrade00
on 23/10/2023, 19:50:31 UTC
Fortunately you can still exchange EUR 1k per transaction with no KYC here. Used to be 10k, now it's 1k, so the noose is tightening, but it's going to be very hard for them to lower this limit, as this would have to come with fiat currency withdrawal limits at ATMs and all that.
It just seems that the safest option is to use an exchange that allows the freedom to trade anonymously and not to play around the regulation as it gets stricter. There are decentralized options that require no KYC that one can opt for.

Anyway, the system can be "cheated" as the limits aren't per day, but per transaction, so it only makes things annoying, but not impossible to accomplish Wink
If someone spammed this system with multiple maximum order transactions the exchange will very likely flag such an account after a while and freeze what's left on it.