Digital IDs cannot solve KYC fraud, ever.
Users already sign up with data that is stolen from KYC databases, generated with AI, or sold to them by verified users.
If a guy will sell me their verified Coinbase Pro account, you can bet your a** they’ll sell me the keys to their personal eyeball app.
It does not matter how much “verification” you’ll attempt to slap onto this system, because the system *itself* does not work.
KYC is a scam that *enables* financial crime at the cost of all of our privacy.
Read: 31 Reasons Why AML Is Retarded in this week’s newsletter 👇
80% of cryptocurrency sent to Iran comes from "global exchanges," says TRM. Not "DeFi". Not "unhosted wallets."
So how do Iranians circumvent compliance? By signing up with fake IDs. And where do you get a fake ID? From hacked KYC databases.
AML is nonsense.
Israel has destroyed all financial infrastructure in the Gaza Strip. Out of 94 ATMs, only two remain semi-functional – for two million people.
Just as in its aggression against Lebanon, bombing banks was one of Israel's first orders of business. This is a WAR CRIME, increasingly normalized by media and governments in an unprecedented escalation in the fight against "terrorist financing".
And now? We're now seeing this happen in Iran, with cyber attacks against banks and the Nobitex exchange by the Israeli front Predatory Sparrow.
I don't care whose side you are on, financial infrastructure is *civilian infrastructure*, if you like it or not.
