These days, there's been talk overseas about no-KYC crypto card projects.
Many people are revealing the truth about neobank card projects operating without KYC, so I'm sharing it with you because I find it fascinating.
☑️ The Reality of No-KYC Crypto Cards
- Most no-KYC cards involve users using the corporate card of the project's paper company.
- This is essentially the same as depositing my own money into the paper company's corporate account and spending it.
- Since Visa/Mastercard are regulated, payments with no-KYC cards are not possible.
- No-KYC cards are fundamentally illegal.
- While this isn't a problem for small projects, as the scale grows, there's a high chance your account will be suspended (you may not be able to retrieve your funds).
- If that happens, the project will likely disappear quietly, and so will my money.
- It's as if I simply transferred the funds to the corporate account, so getting my money back will be difficult.
Credit cards like KAST and Tria typically require KYC, so my name is on the card, so there's no problem.
These days, Popular No-KYC cards may have issues like this.
If you're using No-KYC cards, I recommend using them sparingly, or...
I'd recommend not using them at all.
The article itself is interesting, so give it a read. No-KYC cards have a longer history than you might think, lol.
x.com/milianstx/status/2020937...
