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Coinbase now requires me to provide proof of income, bank statements, source of wealth, etc... (alien.top)

submitted 11 months ago by viisi@alien.top to c/ethereum@blockchained.world

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What other exchanges are there that I can use to deposit ETH, exchange for USD, and then withdraw to a US bank account? Possibly, even a wire transfer.

I've been trading NFTs since the end of 2021. I made all of my ETH and income doing only that. I only use coinbase to exchange some ETH into USD once a month for bills and mortgage. All of it was properly reported to the IRS and the taxes are paid on it.

They're asking for a letter from my HR department, payslips, loan agreements... wtf

I don't have any of that, lol

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[–] Aliyu2g@alien.top 1 points 11 months ago (1 children)

WTF! I'm certain this will poses a significant threat to user privacy. I strongly oppose any on-chain doxxing that involves KYC.

It is good you value your privacy. I believe there should be a way of incorporating privacy preserving chain like SECRET to provide technology that support privacy by defaults, empowering individuals to choose what information they share and with whom.

[–] Zoenboen@alien.top 1 points 11 months ago (1 children)

Coinbase is no decentralized. They don't care about privacy. This isn't on-chain.

You're asking for ways to evade taxes and regulation. People go to jail for setting up those systems.

[–] Aliyu2g@alien.top 1 points 11 months ago

I believe exploring the option of setting up a private smart contract could offer a more discreet approach without revealing individuals details.