Edward Snowden criticized Coinbase for supporting the regulation of crypto industry
Former USSR employee and US CIA Edward Snowden said that the excessive commitment of the Coinbase bitcoin excretion to compliance with regulatory requirements prevents the development of the digital assets industry. This is reported by Decrypt.
“You don’t even produce lawnmands, you sell them, but excellent, you have popularized the lawn mower – they are important and have value. But when I buy a lawn mower, no https://gagarin.news/news/facebooks-meta-took-another-major-blow/ one asks me a passport and face scan, ”Snowden explained.
In his opinion, Coinbase poses regulatory requirements higher than customer confidentiality, which is considered the fundamental concept of cryptocurrencies.
Snowden added that counteraction to money laundering is the task of the police, not trading platforms. He also called the KYC procedure an obstacle in the crypto industry.
The expert believes that in an effort to increase the audience of Web3 sectors using regulation, companies need to think about maintaining ideals that initially attracted users to the industry.
Recall that in April Coinbase launched a new line of products aimed at preventing illegal transactions and compliance with regulatory requirements.
In July, the cryptocurrency exchange denied the charges of selling confidential users to the US Government.
Previously, Snowden advised the use of digital assets as a payment tool, but not invest in them. He also revealed his participation in the launch of Zcash cryptocurrency oriented to the confidentiality in 2016.
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