US Government is trying to force Exchanges to get Name & Address of hardware & software wallets

LeoFinance
1 month ago
(edited)
2 Min Read
430 Words

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Next up in the You are a criminal if you use cryptocurrencies show, the Financial Crimes Enforcement Network of the US Treasury put forth a bill to force Exchanges to collect name and address of all wallets being used to receive funds.

FinCEN is issuing this notice of proposed rulemaking to seek public comments on a proposal to require banks and money service businesses (“MSBs”) to submit reports, keep records, and verify the identity of customers in relation to transactions involving convertible virtual currency

You can read the bill here.

This bill has 60 days for review, but due to the holidays and the fact it was buried, there is only 12 days left to respond.

We have seen how neglectful companies are with data, just look at the recent Ledger leak. 272,000 customers private information has been leaked and is easily searched on the Internet. This leak includes full contact information of users who most likely own some amount of cryptocurrencies.

There has been numerous cases of thieves breaking into homes of known crypto users and holding them at gunpoint or worse yet just a wrench and forced to unlock their hardware wallets and transfer their Bitcoin to another wallet.


Source

After all, decentralization is all about being your own bank, but most don't even have a fraction of the security of a typical bank. There isn't much that you can't get from a person with a large enough wrench.

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The Internet has gotten to the point where you are forced to use fake information for pretty much everything. Every day private information and even unencrypted passwords are leaked to the Internet from companies you know and trust. These leaks are instantly picked up by hackers and criminals and used in nefarious ways. Most of the time you don't even know about it, I do however recommend you sign up for Have I been Pwned to be alerted when your information has been leaked.

There isn't as much privacy in crypto as you would believe, there are many parties actively analyzing and data mining all transactions to identify and analyze who is using crypto. Google keeps a copy of almost all blockchain transactions in private databases, the IRS has been working on de-anonymizing Bitcoin and Ethereum, hackers spend all day coming up with new ways to spear phish (targeted phishing) people into giving up their keys.

I recommend going here to leave a comment on the proposal which will be reviewed by lawyers.

It isn't easy being your own bank.

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