Money transmitting services that enable users to switch from crypto to fiat are a valuable resource. There’s still a shortage of cryptocurrency off-ramps, and thus reliable services that offer a reasonable exchange rate are to be cherished. But the convenience that crypto debit cards and other crypto-fiat exchanging services offer comes at a high price in terms of privacy. In addition to KYC enforced upon signing up, users are often forced to “prove” their funds are clean, leaving them with a dilemma: consent to deep privacy invasions or have their account suspended.
Also read: 8 Crypto Debit Cards You Can Use Around the World Right Now
The High Cost of Compliance
Money transmitting services, especially those that facilitate switching between crypto and fiat, are obliged to comply with strict anti-money…