Threatened with the possibility to face fines and even closure, many gateways have had to adopt the latest KYC regulations, as well as AML laws.
Times have changed and not necessarily in the best possible way. The necessity to adapt to these requirements is given by the location. Since many gateways are located in countries that embrace such laws, they’re inevitably forced to do the same.
Coinbase used to have a non-KYC gateway, which is no longer available. To sign up, you’ll need to provide documents regarding your identity.
Names like Cryptomus, CoinPayments and Coingate are taking the same route lately. They used to be solid alternatives, but anonymity is no longer an option.
There are, however, some alternatives out there, but at the end of the day, they come with a compromise. Some of them will charge too much on fees. Others are based in countries with no financial stability whatsoever, so there’s always a risk with your funds.
Different gateways charge differently and their rules vary. Things are constantly upgrading and if cryptocurrencies used to be the optimal way to make anonymous payments, this is no longer the case.
People have to adapt and like always before, different solutions will pop up at some point. But at the moment, the change is going downhill, so digital money will no longer give you anonymity everyone craves for in the financial industry.
There are no doubts about it, solutions and alternatives will start showing up as soon as the change is over and cryptocurrencies and gateways settle down.
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