Here's a heads-up from the FBI about cryptocurrency money transfer services. They’re warning folks not to use these services unless they’re officially recognized as Money Services Businesses (or MSB) under US law. This is super important because if they’re not compliant with anti-money laundering rules, you could be putting yourself at risk. Just keep it simple: steer clear of any crypto services that don't ask for your KYC info when they should.
Also, if you’re using Phoenix Wallet, mark May 3rd, 2024, on your calendar. They’re getting pulled from US app stores. So, if you're a US user, it’s time to clear out your wallet. Go to:
- Settings > Close channels (for Android)
- Settings > Drain wallet (for iOS)
Avoid force-closing channels since the on-chain fees might hit you hard.
Looks like non-custodial services and wallets are gonna be disappearing from the US soon.
Soon, all decentralized exchanges (DEX) will likely be required to verify the origin of their users' wallets and request that the wallet owners undergo a Know Your Customer (KYC) process. This trend is expected to spread globally, with G20 countries following the lead of the United States. Already Trump has publically advocated that he will punish countries that stop using USD for global transactions. They will do anything to control the world and they will do anything to stop Bitcoin and other cryptocurrencies from dominating their USD.
They are gradually reorienting the people to believe that decentralized platforms are evil and should be avoided. Meanwhile, the government is the real problem that wants to control the financial dealings of everybody in the US. In a few years, many people in the US will know nothing about privacy and anonymity.
And this might force crypto users in the US to start seeking for means to bypass these restrictions. It might give rise to the use of illegal privacy tools just to improve anonymity. Overregulation can also decrease the growth of the vibrant crypto industry in the US. Many investors might decide to avoid the US market.
Well, it's a bummer and I've had discussions in this very section saying that's where we were headed. If this happens in the USA, which has always been known for defending privacy more than Europe, I take it for granted that these measures will be copied by the EU if they do not go further. Besides, this kind of measures are being taken at the same time that the launch of the CBDCs is being developed. I know some retards who will willingly use them saying they have nothing to hide.
Soon the entire crypto space will be under the control of the United States. All third-party services that do not adhere to American standards will be closed, and Europe and all countries will certainly follow the example of the United States, either voluntarily or out of fear of American sanctions.
Although Trump made good statements about Bitcoin a while ago, in reality, if he wins the presidential elections, he will impose more strict laws. The United States will never allow anything to escape its control, whether they are individuals or countries.
First, Trump needs to win the election, and he is not leading the polls yet. Further practice shows that the United States can successfully influence small countries, but they cannot influence such large countries as China, India, Russia, whose population is more than half of the world's population (or almost half).
And the resources of the United States are very limited, because the country has a large national debt, for which there are no solutions and many of its own internal problems.