KYC Loophole Exploit — My Palau ID Finally Arrived!
Here are the exchanges I have been KYC’d on so far!
My Digital Residence ID from Palau arrived in a fancy envelope with a wax sealed stamp.
How Classy, Palau!
It took about 45 days to receive from the time I placed the order.
I already had access to my NFT Web 3 ID in the meantime that was minted fairly quickly, and this card is more or less the identical physical version.
So far, it’s been working well.
From KuCoin:
From HTX :
From GateIO:
DISCLAIMER :
This is a loophole of sorts, and not illegal. But because it’s so new, I consider this a test, and I am not jumping in head first.
Palau is within their rights as a sovereign nation to decide how they handle their IDs. If they wish to offer digital ID, they may do so, and they also decide how they grant residence.
This makes anyone a digital resident of Palau, meaning you can KYC on non-USA crypto exchanges, as a digital resident of Palau.
However, despite being granted residence, you still only have their PO Box, and no physical address. For some exchanges, this limits the level of KYC you can achieve.
I am testing small balances at first, just to make sure everything is ok, and to see if I will get a notice from any of these exchanges.
After KYC — I am still getting IP address messages, even though I am logged in, and trading.
Those go away when I use a VPN.
However, I know some exchanges are frown upon VPN for regulatory compliance reasons.
I am testing the waters here.
Disclaimer : This is not financial advice and I am not a financial advisor. This is just what I am doing with my own money. I am NOT an expert. I am some dude on the internet who sees a path sometimes, and takes it.
Thank you for reading!
Until next time….
Onward and Upward Everybody!
-Chris
Automated Income Lifesyle w/ Chris Morton YouTube
#botlife #tradingbots #palauid #digitalresidence #kyc #loophole