Wow UK Government, What’s With the Restrictions?

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0xSatNewbie
Posts: 92 · Reputation: 11
#1Jun 1, 2021, 11:45 AM
Almost spent my 5-6 pounds on my Metamask wallet but thanks to UK rules, I got 24 extra hours to reconsider. Seriously, what is going on? Never dealt with this "cooling off period" before. Just trying to trade on platforms I’m KYC'd with. It’s crazy, especially when gambling sites don’t have these rules. UK is a mess.
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atlas100Senior Member
Posts: 213 · Reputation: 1540
#2Jun 1, 2021, 05:33 PM
Sounds like that’s a Transak thing, right? They’re the ones Metamask partners with for buying/selling crypto. I think it’s only for new users... was this your first transaction with them?
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AtomicForkFull Member
Posts: 352 · Reputation: 479
#3Jun 1, 2021, 06:30 PM
Totally absurd, right? Some regulations are just beyond stupid. I read something about a parking lot rule that makes no sense unless the people behind it are clueless. Five pounds? Really?
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max2013Newbie
Posts: 99 · Reputation: 24
#4Jun 2, 2021, 12:46 AM
Yeah, this is what happens when you rely on centralized services for crypto. What do you expect? They can pull these stunts anytime.
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planktonHero Member
Posts: 1284 · Reputation: 2049
#5Jun 2, 2021, 01:54 PM
Metamask itself doesn’t ask for KYC. It’s decentralized, so if you're using Transak, you gotta follow their rules. No limits on exchanges. Just throwing this out there for those nervous about wallets.
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0xSatNewbie
Posts: 92 · Reputation: 11
#6Jun 2, 2021, 06:10 PM
This isn't just Transak’s fault, it’s a government requirement for new customers. I dropped the transaction and just used an exchange I’m already on. Way quicker! The UK acts like we can’t make choices ourselves.
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AtomicForkFull Member
Posts: 352 · Reputation: 479
#7Jun 2, 2021, 11:08 PM
I feel you. With policies like this, the UK is becoming a place people wanna leave, not come to. They’re driving away talent and money. Taxes are gonna kill those who stick around.
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WildWolfMember
Posts: 168 · Reputation: 43
#8Jun 3, 2021, 03:59 AM
This is just absurd. If they really wanted to help with risk management, they should ask first, not just impose it. I’d rather manage my own money, thanks.
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planktonHero Member
Posts: 1284 · Reputation: 2049
#9Jun 3, 2021, 02:42 PM
Totally agree. UK is the definition of a "Nanny State". It’s ridiculous how much they try to control.
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AtomicForkFull Member
Posts: 352 · Reputation: 479
#10Jun 3, 2021, 06:37 PM
What’s the issue with the video? I get that in Europe people shake hands, but in Islamic areas it’s off-limits. No problem if it’s family. That’s just how it is.
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planktonHero Member
Posts: 1284 · Reputation: 2049
#11Jun 3, 2021, 07:11 PM
If it were a white guy refusing to shake, they'd scream sexism. But since it’s not, crickets. Double standards everywhere, especially from the same politicians pushing feminist agendas.
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Posts: 22 · Reputation: 235
#12Jun 3, 2021, 07:31 PM
Thanks for the info. In Russia, we don’t usually shake hands with women either. But if it’s due to personal beliefs, that’s cool. Different cultures, you know?
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Posts: 225 · Reputation: 170
#13Jun 3, 2021, 07:41 PM
I don’t think this cooling-off rule is totally ridiculous if it’s just for newbies with fiat. Crypto’s super volatile and scams are everywhere. But if you're already in the game, it’s pointless.
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WildWolfMember
Posts: 168 · Reputation: 43
#14Jun 4, 2021, 12:47 AM
Lucky you! These new rules might save you from losing that 6 pounds. I don't know much about this cooling-off period, but it can help prevent newbies from getting wrecked.
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AtomicForkFull Member
Posts: 352 · Reputation: 479
#15Jun 4, 2021, 01:16 AM
Aren’t there already limits at casinos? They should focus on regulating gambling better instead of this weak attempt to stop reckless spending. The world’s in worse shape than just this cooldown.
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Posts: 3523 · Reputation: 35
#16Jun 4, 2021, 04:48 AM
Yeah, but that’s useless. You can set limits at one casino and still go nuts at another. People will find ways to gamble, especially with crypto. I still think this measure is dumb.
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