I signed up to a "No-KYC" crypto card and got... A Slash card in return.
I signed up to a "No-KYC" crypto card and got... A Slash card in return. There's so much to this story, so here we go
This was a couple days ago, I paid for the card and when loading it to my Google wallet, I was surprised to see Slash. Typically, these privacy card give a blank black card instead.
3 Notable points in my investigation.
1. I informed the Slash team, and asked for a response. This morning they let me know they've dealt with the "abuser of their platform". I can confirm that card no longer works on my end.
Slash CEO response - "1. This is a bad actor abusing our platform trying to "sell" Slash cards issued to their company.
"2. As soon as you notified us of this, we found and shut the account down."
"3. Every US corporate card platform is a constant target of these platforms."
I don't believe Slash were in on this, thanks to the team.
2. The same "No-KYC" signup platform still issues working cards. See image
I created a second card through the same platform. Different issuer this time.
BIN 49372410 → Sunrate Pte. Ltd. (Visa, Singapore). Confirmed working.
So this isn’t Slash or related to them. The platform uses on more than one BIN.
3. How “no-KYC” usually actually works.
Most of these products are not “nobody on earth has ever done KYC.” In fact, more often than not it's a KYB abuse system.
Note the fact that the card is a business card.
- A company / program manager already has a KYC’d business relationship with an issuer.
- That business is allowed to issue cards under its program.
- The card you receive is framed as an employee / contractor / spend card on that business account.
- You, the end user, skip personal KYC because you are not the customer of record. The business is.
- Typically, the card would not represent the original issuer (like it did with Slash) instead you'd get a blank black card.
I've spoken to many crypto cards, many will offer "No-KYC" under the table. This isn't an isolated issue.