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by not_your_vase
5 days ago
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Wait a second. You mean that until now you could just open a Stripe account with random personal details, without verification? You could just say "trust me, bro about my details", and Stripe did trust you? Based on your description this sounds to me like a big KYC hole which they are trying to plug in now. It would be interesting to know how many such accounts exist... |
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It has been a long time but IIRC, I had to send them scans of my ID, articles of incorporation, etc. I am an USA Person with a real business and USA based bank accounts. None of that has changed in a decade.
The problem here is obvious? One day they decide to freeze payouts, and inform me of that with a weakly worded email saying there is a ToC update. What if I was on vacation, didn't have access to a smartphone to do their Biometrics demand, or just didn't see the email? My business would have gone unpaid until something breaks and I'm scrambling to deal with unpaid bills.