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398ja 2y ago

Revolut now requires you to provide the name of the recipient when sending bitcoin to an unhosted wallet.

They sent an email yesterday to announce the new rules, and at the same time blocked all withdrawals from the app. You had to upgrade to the latest version (deployed today) before being allowed to withdraw your sats.

I've just cancelled my daily and weekly recurring orders, and withdrawn the remaining 190,000 sats to Mr. Pika Chu's wallet.

The order has been pending for half an hour, maybe a human agent needs to review and approve?

How do they validate the authenticity of the information? What if I had entered your name?

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Discussion

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Richard “Dick” Whitman 2y ago

There is no such thing as an “unhosted wallet”

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398ja 2y ago

Only in the fiat world!

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The Original Genuine Garage Door (★★★☆☆) 𝕏 2y ago

You can use my name: Dr. Boog E. Feva.

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Kali2Zona 2y ago

#Bitcoin only has value between the two transacting with it. This has always been my opinion… nostr:nevent1qqsv6s0mjyz534vpe98ggrsd058za5ycachjm7359392nh87kpnrqysppamhxue69uhkummnw3ezumt0d54ghdws

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Einherjar 2y ago

Freedom tech: Sparrow + Bisq + RoboSats solves this.

Be unrugable!

nostr:note1e4qlhyg9fr2crj2wss8q6lgw9mgf3m309hargtz248w0avrxxqfq6me4e0

12
deleted 2y ago

Make the fullest of mockery at this silly shit. 🤟good for you

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Don't Believe The Vibe 🌱🍋🍊 2y ago

This will be everywhere in the EU soon.

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Alejandro 2y ago

"Yes sir. I swear that the person selling me fruit at the farmer’s market is named Mr. Chu.”

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Bitter21 2y ago

That is not suprising at all and will happen to all KYC companies.

And I think that can help many Bitcoiners to finally understand what is important: P2P trade, circular economy, NoKYC, privacy, open source, self sovereignity!

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398ja 2y ago

Since my previous Bitcoin withdrawal transaction of 190k sats to Mr. Pika Chu was finally approved by Revolut, I thought I'd follow-up with them to express my concerns about their ability to validate the now required recipient information when withdrawing to an "unhosted wallet."

They sent me this official link that describes the legislation they follow:

https://www.legislation.gov.uk/uksi/2022/860/regulation/5/made

If you read the relevant chapters 3 and 4, it's clear that service providers (Revolut) are not even expected to validate the information, how could they??

You might think that the FCA, who also has access to this information, will be able to rely on blockchain surveillance (BS) software to confirm the accuracy the data, but BS software are based on shaky heuristics that have led to the serious problem of innocent people being harassed by the State, as reported here:

https://mises.org/node/63712

If you find yourself in a such situation, you'll be considered guilty until you can prove your innocence. Good luck with that! As far as I'm concerned, I've stopped all my Bitcoin activity on Revolut.

nostr:nevent1qqsv6s0mjyz534vpe98ggrsd058za5ycachjm7359392nh87kpnrqysppamhxue69uhkummnw3ezumt0d5pzpl7nwh45p66gvet2q28dhjpcyh6clux4cjsm5gh7waza9pzjnmggqvzqqqqqqy2ndudm