![\"AML](\"https:\/\/cdn.publish0x.com\/prod\/fs\/images\/8cdfae8f11a330272f3d55efeb2045f52765e4f5aec4c0bd78fc09293a08f11a.jpg\")
<\/p>\nThe markets are all over the place today, with the Fed announcement and a bunch of big companies releasing results this evening, so I’m carefully ignoring everything there.<\/p>\n
I’ve put in my dual investment low buys (on ETH) and still have my “up” part if things pump.<\/p>\n
Situation covered, walk away. \ud83e\udd2a<\/p>\n
Instead, I thought I’d tell you about a very odd situation I had with MEXC a while back.<\/p>\n
As a rule, I don’t like KYC and AML.<\/p>\n
I like my privacy. It’s none of anyone’s business what I do with my money until it comes to paying taxes.<\/p>\n
And both those checks are stupid bureaucracy that doesn’t do anything significant (other than annoy customers).<\/p>\n
For example, here’s the AML costs for US and Canadian companies a couple of years ago… and the fact that it stops 0.2% of the crime it targets:<\/p>\n
<\/p>\n
KYC is slightly different, as it primarily makes sure we pay tax. But still, it’s an annoyance and an unnecessary invasion of privacy.<\/p>\n
At MEXC, doing KYC does give some actual benefits:<\/p>\n
Those last two are the benefits I’m getting on my KYC’ed account – especially the huge 20% interest on SOL.<\/p>\n
But I also have a couple of spare accounts which haven’t done KYC.<\/p>\n
And that, apparently, can cause a bizarre situation.<\/p>\n
A while ago, I accidentally sent funds to the wrong MEXC account.<\/p>\n
Not a huge amount – we’re talking, like, $20 or something.<\/p>\n
So I figured I’d do an internal transfer to my actual account, since those “withdrawals” are free.<\/p>\n
Oh, dear.<\/p>\n
Next thing I know, I’m getting emails from MEXC Support about “suspicious activity” on my spare account.<\/p>\n
The transfer is suspended.<\/p>\n
So I contacted them and asked what they needed.<\/p>\n
They asked for KYC.<\/p>\n
I said “no”.<\/p>\n
They replied, sending me to a page where I filled in details of the transfer and so on, then clicked next…<\/p>\n
…and got a KYC request.<\/p>\n
![\"d5f5a41e972db9f1a45bebe50d0f348b7d6c2013d9a9b0a48ae081e385d42eb3.png\"](\"https:\/\/cdn.publish0x.com\/prod\/fs\/images\/d5f5a41e972db9f1a45bebe50d0f348b7d6c2013d9a9b0a48ae081e385d42eb3.png\")
<\/p>\n
I told them “no” again.\u00a0Their account security page says I don’t have to do it to use basic functions, I was well within the deposit\/withdrawal limits (having hardly used the account), and I value my privacy, which is why I’m at MEXC in the first place.<\/p>\n
And they sent me back to the same page.<\/p>\n
So I asked them what this was about.<\/p>\n
And their response was that it’s an internal identity check that isn’t KYC but has the same requirements as KYC<\/strong>.<\/p>\n That’s right: they wanted all my identity info in return for a promise that they wouldn’t use it for KYC.<\/p>\n Honest, guv. No, really.<\/p>\n I said “no”, of course.<\/p>\n Eventually, my deposit went through – I’m guessing they realised it wasn’t worth all the hassle for about $20.<\/p>\n But I thought you all might like to know that this thing exists, and so to be careful of internal transfers at MEXC if you multi-account.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":" The markets are all over the place today, with the Fed announcement and a bunch of big companies releasing results this evening, so I’m carefully ignoring everything there. I’ve put…<\/p>\n","protected":false},"author":3,"featured_media":231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[5],"class_list":["post-230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-midweeks","tag-exchanges"],"_links":{"self":[{"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=\/wp\/v2\/posts\/230","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=230"}],"version-history":[{"count":2,"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=\/wp\/v2\/posts\/230\/revisions"}],"predecessor-version":[{"id":233,"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=\/wp\/v2\/posts\/230\/revisions\/233"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=\/wp\/v2\/media\/231"}],"wp:attachment":[{"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bonjourgeorge.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}