F2Pool Co-Founder Criticizes KYC 'Permanent Address' Requirement as Discriminatory

F2Pool co-founder Chun Wang has criticized the industry practice of requiring users to provide a 'permanent address' during KYC (Know Your Customer) procedures. He argued that such requirements could discriminate against people who move freely. PANews reported on October 16 that Wang posted a criticism of KYC systems on X.

Wang referred to KYC as "Kill Your Customers," stating the process operates like a feudal system that ties people to land. He emphasized that individuals have the right to move freely and stay in multiple hotels, suggesting that requiring a permanent address conflicts with this lifestyle. His criticism focused not on KYC itself but on the requirement for users to submit a fixed residence address.

Users who frequently relocate or travel across countries may face disadvantages in accessing financial services due to the address requirement, Wang argued. He noted that such requirements could disproportionately affect mobile individuals. However, he did not specify any particular country's laws or exchanges calling for regulatory changes.

KYC is a standard procedure where financial service providers verify user identity and related information. Specific submission details and requirements vary by service provider and jurisdiction. Wang cited past comments from ShapeShift founder Erik Voorhees, who has long argued that KYC exposes innocent users to ongoing risks.

The discussion highlights concerns about the burden placed on mobile users when address information is used as a core part of identity verification. However, Wang's post did not include new KYC regulations, implementation dates, or policy changes for specific platforms. Therefore, this statement alone does not indicate that regulatory bodies or virtual asset service providers have changed their stance or operational approach.