Crypto transfers are limited in Europe by means of heavy knowledge and blocks (KYC) procedures and blocks, possibly linked to the travel rule, according to various local reports.
Hasu, the strategy lead at Flashbots, reported This Coinbase blocks transfers in Europe to recipients than the user. In addition, the user must sign a message when sending Crypto to a self -spice wallet to prove ownership.
If the user receives money instead of sending them, the sender must be identified, including passport identification. This even applies if the user sends money to his Coinbase account from another source.
Hasu said he did not try to prevent him from complying with the Coinbase, but he fears that the entire account would be frozen.
Sam Harper, Crypto General Council -member of Argent, Also reported The same problem. He said, however, that the message could not be signed from his self -herb wallet, so he gave up the transaction.
The analyst known as Ignas shared That OKX Europe needs the same steps as Coinbase. James Hunsaker, co-founder of Monad Labs, said Europe is nowadays a scary place for crypto.
Travel rule possible behind
Armani Ferrante, CEO of Backpack, said That these new compliance steps arise from the travel rule. He added that this in certain areas of law is “increasingly common” and is mandatory.
Jordan Fish, also known at the Crypto community as Cobie, Also marked The new compliance requirements for the travel rule.
The travel rule is a series of guidelines designed by the Financial Action Task Force (FATF) that are mandatory that financial institutions share certain information about the founder and beneficiary of wire transfers and other similar types of payments.
Blockchain -Developer Kris O’Shea too reported That he had to confirm the original sender when he tried to deposit USD Coin (USDC) into his revolut card from a Metamask wallet.
On January 7 co-founder of Delphi Labs José Maria Macedo shared That the Banco of Investimentos Globais (BIG), one of the largest banks in Portugal, informed customers that Fiat’s switch to crypto platforms would be blocked.
According to the Macedo report, the bank called compliance with the guidelines published by the European Central Bank (ECB), the European Banking Authority (EBA) and the Bank of Portugal on risks related to the offering of digital assets.