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Have you ever played a smartphone game that gives you a teeny bit of crypto?
So little crypto that it’s not measured in Bitcoin, but in satoshis (where 100 million satoshis equals one bitcoin)?
If so, you probably didn’t have to undergo a Know Your Customer (KYC) check to verify your financial identity.
Renno and Company explains why not:
“If a virtual currency transfer of $1,000 or more occurs, the client’s identity must be verified. This step is critical in the digital currency world, where anonymity can lead to misuse.
“If there is a virtual currency exchange of $1,000 or more, identity verification is also required. This helps ensure that all exchanges are transparent and not used for illegal purposes.”
If you find a smartphone game that pays more than $1,000 a pop…let me know.
And if you want to transact crypto, StealthEX supports no-KYC transactions:
“Thanks to StealthEX you can now purchase an amount of crypto without KYC if it’s less than $700 or the equivalent of this amount in other currencies. As long as your total purchases don’t exceed $700, you don’t have to verify your identity. You can make one big purchase or several small $20, $50 or $100 transactions. StealthEX allows users to seamlessly exchange their assets across chains in minutes without the need to verify their identity.”
Yeah, $700 rather than $1,000. StealthEX is…um…playing it safe.
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