Quote:
Originally Posted by Sly
One of the strong arguments I have seen for bitcoins is that there is no government involvement. Based on the above, you need to send this company/organization/whatever your government documents in order to pull out more than $10,000 a month.
If the government is not involved, why would you need to provide government documents? If the government is not involved and these people do not need to follow any government-based regulations/laws, why on earth would you send them your government documents?
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Those exchange companies are like financial services, it is most likely the law in their country to comply with "know your customer" rules and regulation if they want to offer financial services legally trough that country (by using bank accounts there etc)
Like for example
https://bitcoin-central.net/ has their official financial services licence in France, so they have to comply with the laws and rules there.
It also creates more trust. You wouldn't just put like $10K in some exchange service that has no rules and regulations.