Former employee NSA and CIA Edward Snowden said bitcoin exchange Coinbase’s over-commitment to regulatory compliance is hindering the development of the digital asset industry. This is reported Decrypt.
“You don’t even make lawn mowers, you sell them, but great, you popularized the lawn mower – they are important and have value. But when I buy a lawnmower, no one asks me for a passport and a face scan, ”Snowden explained.
In his opinion, Coinbase puts compliance ahead of customer privacy, which is considered a fundamental concept of cryptocurrencies.
Snowden added that countering money laundering is the job of the police, not the trading platforms. He also called the procedure KYC obstacle in the crypto industry.
The expert believes that in an effort to increase the audience of the Web3 sector through regulation, companies need to think about preserving the ideals that initially attracted users to the industry.
Recall that in April, Coinbase launched a new line of products aimed at preventing illegal transactions and complying with regulatory requirements.
In July, the cryptocurrency exchange denied allegations of selling sensitive user data to the US government.
Previously, Snowden advised using digital assets as a means of payment, but not investing in them. He also revealed his involvement in the launch of the privacy-focused cryptocurrency ZCash in 2016.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
Former employee NSA and CIA Edward Snowden said bitcoin exchange Coinbase’s over-commitment to regulatory compliance is hindering the development of the digital asset industry. This is reported Decrypt.
“You don’t even make lawn mowers, you sell them, but great, you popularized the lawn mower – they are important and have value. But when I buy a lawnmower, no one asks me for a passport and a face scan, ”Snowden explained.
In his opinion, Coinbase puts compliance ahead of customer privacy, which is considered a fundamental concept of cryptocurrencies.
Snowden added that countering money laundering is the job of the police, not the trading platforms. He also called the procedure KYC obstacle in the crypto industry.
The expert believes that in an effort to increase the audience of the Web3 sector through regulation, companies need to think about preserving the ideals that initially attracted users to the industry.
Recall that in April, Coinbase launched a new line of products aimed at preventing illegal transactions and complying with regulatory requirements.
In July, the cryptocurrency exchange denied allegations of selling sensitive user data to the US government.
Previously, Snowden advised using digital assets as a means of payment, but not investing in them. He also revealed his involvement in the launch of the privacy-focused cryptocurrency ZCash in 2016.
Read Cryplogger bitcoin news in our Telegram – Cryptocurrency news, courses and analytics.
Found a mistake in the text? Select it and press CTRL+ENTER
