KYC Comes for Crypto Cards as SolCard Shuts Door on Anonymous Visa Use
The post KYC Comes for Crypto Cards as SolCard Shuts Door on Anonymous Visa Use appeared on BitcoinEthereumNews.com. Some unverified SolCard users lost access to their virtual debit cards, but a company representative says a no-KYC option will be reinstated. SolCard, a Solana-focused debit card platform that gained popularity by offering users an easy way to spend their crypto without Know Your Customer (KYC) requirements, quietly removed its key feature last month, veiling the move as an upgrade. However, a spokesperson for SolCard tells The Defiant that the move is only temporary. “We plan to remain non-KYC,” the SolCard spokesperson said, adding, “We will be back up and operating with non-KYC soon,” without specifying the timeframe. Last month, many SolCard users who had not verified their identities on the platform discovered that their virtual Visa cards had vanished from the SolCard mobile app. A June 18 company update from SolCard introducing what the team calls “SolCard Full Access” sheds some light on the situation. The Full Access tier for SolCard users requires identity verification. The SolCard team also stated that it will only issue new Visa cards, which support Apple Pay and Google Pay, to users in the new “verified tier,” citing a requirement from its banking partner. “We had SolCard Full Access planned for later this year, but our bank needed us to launch it now to keep offering Visa cards,” the team said in the announcement. In a June 26 post on X, without mentioning the KYC requirement directly, the team clarified that users who had lost access to their virtual debit cards could withdraw their funds, saying, “If you’ve had a card cancelled or frozen, you may request a USDT withdrawal and receive it INSTANTLY, starting right now.” SolCard’s no-KYC Visa The SolCard Full Access announcement also notes that any frozen Visa cards allow fund transfers or refunds, and users have the option to upgrade…
The post KYC Comes for Crypto Cards as SolCard Shuts Door on Anonymous Visa Use appeared on BitcoinEthereumNews.com.
Some unverified SolCard users lost access to their virtual debit cards, but a company representative says a no-KYC option will be reinstated. SolCard, a Solana-focused debit card platform that gained popularity by offering users an easy way to spend their crypto without Know Your Customer (KYC) requirements, quietly removed its key feature last month, veiling the move as an upgrade. However, a spokesperson for SolCard tells The Defiant that the move is only temporary. “We plan to remain non-KYC,” the SolCard spokesperson said, adding, “We will be back up and operating with non-KYC soon,” without specifying the timeframe. Last month, many SolCard users who had not verified their identities on the platform discovered that their virtual Visa cards had vanished from the SolCard mobile app. A June 18 company update from SolCard introducing what the team calls “SolCard Full Access” sheds some light on the situation. The Full Access tier for SolCard users requires identity verification. The SolCard team also stated that it will only issue new Visa cards, which support Apple Pay and Google Pay, to users in the new “verified tier,” citing a requirement from its banking partner. “We had SolCard Full Access planned for later this year, but our bank needed us to launch it now to keep offering Visa cards,” the team said in the announcement. In a June 26 post on X, without mentioning the KYC requirement directly, the team clarified that users who had lost access to their virtual debit cards could withdraw their funds, saying, “If you’ve had a card cancelled or frozen, you may request a USDT withdrawal and receive it INSTANTLY, starting right now.” SolCard’s no-KYC Visa The SolCard Full Access announcement also notes that any frozen Visa cards allow fund transfers or refunds, and users have the option to upgrade…
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