Crypto.com is preventing certain users to access its Lending Services!
Hello HODLers,
Another centralized platform bending to the governments' will!
Crypto.com announced that the Lending Services will be only available to verified users meeting the Advanced Level verification.
Centralized services are feeling the pressure from Governments. I believe that this news is entirely related to the current pressure to ban cryptocurrencies to prevent Russians from escaping sanctions.
Biden and his administration have been vocal that they will publish some guidelines and probably prohibiting a bunch of things soon.
They also added that a list of citizens from the below countries will be excluded from Lending services. Even if meeting Advanced level verification.
List of countries effectively kicked out of the Lending Product:
American Samoa
Antigua & Barbuda
Austria
Belgium
Canada
Czech Republic
Croatia
Curaçao
Denmark
France
French Guiana
French Polynesia
Germany
Gibraltar
Guadeloupe
Guernsey
Hong Kong
Hungary
Italy
Macedonia
Malta
Martinique
Monaco
Netherlands
New Caledonia
Norway
People’s Republic of China
Poland
Reunion
Saint Lucia
Saint Martin
Seychelles
Singapore
Sint Maarten
Slovakia
Slovenia
Spain
St Pierre & Miquelon
Switzerland
United Kingdom
United States
They can't even get the list right...
A bunch of names are just a region/territory and do not have a government/citizenship.
For example Guadeloupe or Martinique are French Departments meaning it is the same as Paris. Weird to single them out and definitely does not look professional.
Stay safe out there and always have a plan B.
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This is outrageous! Government regulations are ruining the ability of centralized crypto institutions to deliver anything worthwhile to their customers.
Definitely, it is the same all over the place. No Centralized Exchange is safe.
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Maybe, just maybe, all the supporters of centralized or semi centralized chains and services (I'd estimate about 90% currently) will realize the glaring holes they face using this project. Everyone loves to sh*t on the bitcoin maximalists for preaching decentralization (including not using centralized intermediaries) but then wants to cry foul every time one of these companies cuts them off or blocks them in. It doesn't take much more than common sense to realize that if a centralized institution rules over your product, they have supreme power. You can be removed or restricted at any time, for any arbitrary reason. Value decentralization, its the whole reason Bitcoin came to be; moreover, the whole reason DeFi (in theory) came to exist.
Indeed, DeFi as it is now is mostly centralized or gambling. I do not like Bitcoin maximalist per se but they have at least a theoritical basis to their claim, they believe in true decentralization.
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That is a lot of countries being kicked out. How am I not surprised to see the US on that list because of the SEC and other legal nonsense.
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It is basically a list of EU and US affiliated countries. It does not surprise me... This is where the government will hammer you if you don't comply
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