The problem with digital exchange wallets is that they are not private. They are investment apps. In order to buy stocks, you need to sign up an account, providing your real name, address and date of birth. You need to link it to a bank account, credit/debit card, or at least an online payment solution like PayPal, which must also be registered with the same name and address. Crypto exchanges are no different. Identity verification is not just a matter of security, it’s the law.
When you purchase stocks, you must report your expenditures, profits and losses on your tax forms. Again, the same goes for investing in cryptocurrencies, thanks to investment apps that are required by law to collect verifiable information, thereby confirming the identity of all their users.
Further complicating matters is the fact that most cryptocurrency exchanges do not permit transfers to gambling-related websites or wallets – again, largely due to regulatory compliance. For example, if you open a Coinbase account, buy a fraction of BTC, then try to send it to your Playamo Casino wallet, you’re going to run into problems. At best, the transfer will be rejected. More likely, your Coinbase account will be closed for breach of contract, and at worst, without a refund of your coins.
Fortunately, there’s a very easy way to work around this problem.