I’ve just created an account with Nexo using a VPN and I can see in my account history that my location was determined by IP address.
I understand there are AML/KYC requirements but determining someone’s location based on IP address is way too blunt a tool and can be easily tricked e.g. using any IP from the same country.
VPNs improve both user privacy and security. Privacy does not mean I am anonymous, I can provide legally recognized documentation. Is this going to be a problem?
VPNs are the norm, not just for me but millions of people. Some large banks and exchanges are fine with VPNs while others are over zealous in their policies.
Nexo is trying to get more and better banking licenses, so unfortunately because of this Nexo has to be more strict.
I have been with Nexo myself for awhile now and have also noticed Nexo is getting more strict on this. Getting more and better banking licenses is what I think most community members wants too.
“We have to confirm that due to security reasons, we ask our clients to refrain from using a VPN service. If abused, this may in fact lead to us terminating your Nexo account.”
This is extremely short-sighted of Nexo as VPNs also act as a second layer firewall and thus protect clients. Nexo is enforcing a policy that “protects” them while demanding it’s customers have less security. It goes without saying I will not be requiring their services.
Also note, there are other larger exchanges that do accept customers using VPNs. Shop around and talk with your wallet.
Nexo will stop providing you service because of a VPN, unless you can prove that it is necessary (e.g., you are a EU national temporarily working behind the great fire wall). Just search this sub reddit for plenty of examples of the stated.
If a VPN is shielding my location and other metastatic, and filtering incoming traffic then it is functioning as it should, protecting my privacy and security. Is that not a fundamental human right? According to your argument, everyone should be stripped naked unless they are working in China. Then, apparently, it’s okay to use one one network type to bypass another network type.
Tbh, I’m done with it all. I’ll just go back to my cave and let the rest of society eat itself out of existence. It’s exhausting dealing with it all. It’s not improving the quality of life, quite the opposite.
However, I would recommend the same to you that I do others that want true control and privacy. Make Monero your main crypto and work with DEX’s and/or DeFi income generators (e.g., Torque).
Monero is not my bag but I do use privacy coins and DEX’s. Nexo is a specific case for me, though the lack of credit card still is making me look elsewhere.
