Toot

Every EU Crypto exchange requires a "proof of residency". Why the hell is it a regulatory requirement?

In crypto, users' addresses put them in acute danger. It invites burglars to target people since it's equivalent to storing physical gold.

However! It's very easy to give a fake "proof of residency" to the exchange.

So what's the point?

If someone is dishonest => they can simply give a fake address and you achieved nothing

If someone is honest => you don't need it but put them in danger

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