Replying to Avatar Faith & Practice 🍁

AFAIK Whirlpool helps to lose trace of the coins through obfuscating the transaction trail. It doesn't change the reported amount of Bitcoin bought from a regulated exchange, but it at least doesn't make it easy to find out what wallet those coins eventually ended up in.
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JuLiO UtXo⚡️☂️ 2y ago

Im guessing if you send someone that bitcoin to someone else KYC would remain

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Faith & Practice 🍁 2y ago

They could trace the trail from the exchange if they wanted to without whirlpool, and you are on the hook for proving you still have that coin to IRA/CRA otherwise you will have to pay capital gains tax. In Canada that's 20% off the profit from buying price

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Biblical Marriage 2y ago

The person receiving those coins you send p2p would be KYC-free from the receiver's perspective, but not yours.