I wanted to use Nash Cash for the first time but before it asks you occupation and source of income. People already passed KYC which is rather do not on a dex and it still asks for more information. It keeps me away from using the fiat ramp. I would say it’s none of your business, and we all can lie anyway. I think other people will feel the same way.
Nash is a compliant company, and has certain duties on reporting because of this. If you’d rather keep your identity to yourself, Nash Cash isn’t the ramp for you.
I think the key here is to inform people as to why Nash is asking these questions. It’s not just because Nash wants to know. It’s required by the regulations.
Need to state: “Local regulations require us to document your answers to the following … “
This is how it’s going to be if you want crypto to integrate into the mainstream economy. There will always be some Wild West scripts on blockchain but this will be a niche market separated with mainstream economy.
Instead of telling you to go elsewhere like most people do, without adding to the conversation… I will meet you half way on this and agree in accepting Nash have to ask these questions but Nash should explain this when doing so
I try to look at it from the standpoint of an outsider asking myself if my mother would understand it of will be able to use it. Many times it’'s no. The conclusion I ended up with:
Frontpage has No KYC needed, I find it misleading as it was the first thing I had to do. Also I think it’s unnecessary to mention it because of point 2.
Who are you?
If you want to open a bank account you know they need personal information and you give it without restraint because you trust banks. You know they are legal, have a banking license, are submitted to regulation in your country, that’s why you trust them with your ID. If the banks website said no personal information to sign up it would sound strange. From that perspective I can ask: who you are? It would make sense to just say your a “blockchain bank”. People hear bank, they can identify with a bank, my mother know what a bank is, it creates trust, so this would make it easier to hand over personal information.
Wrong time to ask personal information. Think about a online store, you go to checkout, fill out information and click payment and suddenly you need to answer questions. Anyone in marketing will say this is not good. That part of the transaction should go smoothly, Amazon has 1-click for that reason. I was just about to use your service and those questions at that point of time made me leave. If you would be a “blockchain bank” as in point 2 I would have giving you all information on sign up. Yes I want a “blockchain bank account”, ofcourse I need to give personal information for legal reason. And localizing the website would be neccessary to create that trust of being a company comparable to a bank.
You make an interesting point on no. 3