Palau ID to verify your EMI and Crypto Exchange account!

[maxmoney]

I just watched a video where someone claims they can verify a crypto exchange account and an EMI like Wise, Revolut, and other well-known EMIs with a newly purchased Palau ID!

Is that actually true? And is there a real advantage to it? The claim is that you can avoid being registered in the upcoming EU wealth registry by not using your EU passport from countries like Germany, France, Denmark, Sweden, or other EU nations.

Isn't that a bit too easy?

And how do crypto exchanges like Binance and Kraken or EMIs handle this? Would they report to Palau? Doesn't that require you to have a real address there?

And is this a LEGAL site?
https://rns.id

 

[Clank]

No use, as you will need to state your country of residence.

 

[maxmoney]

Yes, and they can provide you with an Palau address also!

 

[Clank]

maxmoney said:
Yes, and they can provide you with an Palau address also!
Click to expand...

You would be committing fraud as you don't live in Palau.

 

[TheCryptoAnt]

maxmoney said:
I just watched a video where someone claims they can verify a crypto exchange account and an EMI like Wise, Revolut, and other well-known EMIs with a newly purchased Palau ID!
Click to expand...

Wise and Revolut dont accept it, nor do any other EMI ive seen that actually matters.
It can be used at Bybit tho and a few other low liquidity exchanges but not Binance.

maxmoney said:
And is there a real advantage to it?
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The account will not be shown as 'EU' in their systems when MiCA starts so you dont get reported.

maxmoney said:
The claim is that you can avoid being registered in the upcoming EU wealth registry by not using your EU passport from countries like Germany, France, Denmark, Sweden, or other EU nations.
Click to expand...

True in essence but you are basically lying to the government, calculate the R before you do it Id recommend.

maxmoney said:
Isn't that a bit too easy?
Click to expand...

it is, hence why it doesnt work in many places.

maxmoney said:
And how do crypto exchanges like Binance and Kraken or EMIs handle this? Would they report to Palau?
Click to expand...

Yes.

maxmoney said:
Doesn't that require you to have a real address there?
Click to expand...

https://jspaint.app/

maxmoney said:
And is this a LEGAL site?
https://rns.id
Click to expand...

rns.id - Web 3.0 Digital ID - This is my bookmarked site.

 

[maxmoney]

TheCryptoAnt said:
Wise and Revolut dont accept it, nor do any other EMI ive seen that actually matters.
Click to expand...

have you tested it or is it just something you see on their TOS ?

 

[apres777]

A lot of Chinese used it to open Binance Accounts a few months / might even 1-2 years ago. (AFAIK not working anymore either.)

There are various other threads about the Palau ID already. To summarise cool gimmick but nothing more unfortunately.

They tend to promise a lot more when launching e.g company openings, P.O boxes etc.

I think they are already way behind their "roadmap".

 

[TheCryptoAnt]

maxmoney said:
have you tested it or is it just something you see on their TOS ?
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not personally but the discord server is full of reports of this, check it out theres a list of places that accept it.

 

[Sols]

It's an only accidentally useful novelty ID card.

Toggle signature
This is the probably the answer to your question.

 

[diro]

TheCryptoAnt said:
not personally but the discord server is full of reports of this, check it out theres a list of places that accept it.
Click to expand...

So things are running on discord like this?

 

[TheCryptoAnt]

diro said:
So things are running on discord like this?
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yeah like their have their own official discord server, its in their website.

This ID card was initially marketed as the 'ID for web3' and crypto is very discord heavy so it just makes sense.

 

[Burak]

What is actual difference of buying card from them or printing it with random info?

 

[TheCryptoAnt]

Burak said:
What is actual difference of buying card from them or printing it with random info?
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none cause the card has 0 security features lmao

 

[bibing]

It would be nice, for once, to have users who have really tried it (and approved or denied)

 

[digitalworker22]

Is it still useful to verify exchanges?
Like Kucoin or Kraken.

 

[Compliance Circle]

Interesting to see though, that they've finally started moving into direction of offering "digital residence" (virtual domicile) services after a few years of delay https://rns.id/bid

Doesn't make it more legitimate in my eyes since it's essentially a camouflage ID by design.

 

[bubbledouble]

digitalworker22 said:
Is it still useful to verify exchanges?
Like Kucoin or Kraken.
Click to expand...

Good question, does it work for verification of accounts some tried?

 

[JackofAllTrades]

I bought the five year Palau digital ID, it is not good for much at present. You cannot open a bank account in Palau, you cannot get a mailing address or utility bill in Palau, you cannot set up a digital corporation. It is a valid ID but without a Palau address only scam platforms will accept it. The RNSID people are doing a rug pull in my opinion. They have had plenty of time to set up the basics they promised but none have materialized.

 

[HardRJones]

Here is a link to a lot of blog posts where someone tries to use this ID for various things.

https://www.malakoutilaw.com/immigrationarticles/categories/palau-digital-residency-id

 

[maxmoney]

HardRJones said:
Here is a link to a lot of blog posts where someone tries to use this ID for various things.

https://www.malakoutilaw.com/immigrationarticles/categories/palau-digital-residency-id
Click to expand...

That confirms it is worth nothing!