I wanted to try paying for Mullvad VPN using a private method (Monero). I created a wallet and went to an exchange (Kraken) to buy some XMR, but they want me to enter all my personal details upon registration. How does this make sense? Is there an exchange where I don’t have to provide personally identifying information?
They are bound by anti money laundering laws (AML) and are required to Know Your Customers (KYC).
https://support.kraken.com/hc/en-us/articles/know-your-customer-kyc-questionnaireYes it does compromise privacy because now when the exchange is asked who owns this wallet they have to hand your details to law enforcement.
Exchanges without KYC are getting rarer.
In America, you “have to” due to government regulation(IRS wants their cut of the tendies).
I mean, what do you expect?
Use P2P instead
I’m just learning about all this. Looks like P2P is what I want. Thanks
Pardon my lack of knowledge, what is P2P? Is it mining monero?
Instead of having a central server, consumers interact with each other directly. That’s P2P Vs centralization.
The only way you won’t have to provide PII is if you buy it from someone outside of the exchange ecosystem (from somebody face to face with cash or a gift card (note: Local Bitcoin has been gone for about a year now)). Exchanges have to comply with KYC (Know Your Customer) laws if they want to operate in the US, which is why they’re asking for PII.
That brings it’s own share of risks as well. Like getting scammed for example.
The only exchange I can think of might be Pancake Swap, but I’m not sure. You could trade coin with anyone who gets theirs from actual miners. I think this is probably the only way to fully avoid KYC.
I would not pay for a VPN, personally.
