Re: Confused on the True Purpose of Non-KYC Crypto Debit/Prepaid cards
⭐ Merited by Amphenomenon (1)
Hi,
Non- KYC means the service provider does not know who you are and does not know where you live right? So lets say for example you deposit a $million USDT onto your non-kyc crypto virtual debit card, because it is non-kyc can the service provider still freeze your USDT?
The whole purpose of non-kyc is is stop the service provider issuer freezing your crypto right? For example I could be the most wanted terrorist in the world but as long I have my non-kyc crypto card I can still spend it to survive because the service provider issuer do not know that I am a terrorist because of non-kyc so my crypto wont be frozen right?
Or can non-kyc crypto cards still be frozen and how do non-kyc crypto debit cards work, are they connected to a custodial or non-custodial right?
Otherwise how does a non-kyc crypto card makes sense with a custodial wallet and what triggers the service provider issuer to freeze your card or crypto if they don't know who you are to begin with
Someone please make sense of all this for me.
Lastly with president Trump signing off stable coins as legal then which crypto non-kyc cards are officially regulated by the SEC?
Non- KYC means the service provider does not know who you are and does not know where you live right? So lets say for example you deposit a $million USDT onto your non-kyc crypto virtual debit card, because it is non-kyc can the service provider still freeze your USDT?
The whole purpose of non-kyc is is stop the service provider issuer freezing your crypto right? For example I could be the most wanted terrorist in the world but as long I have my non-kyc crypto card I can still spend it to survive because the service provider issuer do not know that I am a terrorist because of non-kyc so my crypto wont be frozen right?
Or can non-kyc crypto cards still be frozen and how do non-kyc crypto debit cards work, are they connected to a custodial or non-custodial right?
Otherwise how does a non-kyc crypto card makes sense with a custodial wallet and what triggers the service provider issuer to freeze your card or crypto if they don't know who you are to begin with
Someone please make sense of all this for me.
Lastly with president Trump signing off stable coins as legal then which crypto non-kyc cards are officially regulated by the SEC?
You would be quite gullible if you think Non-KYC means you are given the right to be truly anonymous or your funds can never be frozen.
The service provider holds your funds (and controls the private keys), so they can freeze your funds for any reason at any time. And when I say ANY reason I mean ANY. That is what custodial means. And non-KYC custodial services still use on-chain surveillance tools like Chainalysis for suspicious transactions. So if they have reason to believe your funds should be frozen, they will not unfreeze them until you provide them with KYC, AML and further documents.