Xapo Bank has started requiring users to enable location permissions before they can trade, according to a Bitcoin News report on X. One user allegedly was told that sharing GPS coordinates is mandatory for accessing their funds. The bank said it will cross-check location data with other records to confirm that the account holder truly controls the account. This move has drawn comments from industry executives. @ToneVays warned that such location requirements could become standard practice for regulated payment apps, potentially affecting how crypto services handle user verification. Meanwhile, @Nneuman, CEO of Casa, suggested that the requirement might be aimed at countering a large number of social engineering attacks, rather than functioning as a traditional KYC procedure. The original report came from Bitcoin News via X, and was carried by Odaily Planet Daily's newsflash. No further information about the technical implementation or the exact data points used in the cross-checking has been disclosed in the report. The policy applies to trading activities on Xapo Bank, and users who decline location permissions may be unable to complete transactions, based on the information provided.
Xapo Bank is now requiring users to enable location permissions before they can trade. According to a post by Bitcoin News on X, users have reported that the app has begun asking for location data, with one user told they must share GPS coordinates to access their funds.
In response, Xapo Bank said it would cross-check location information with other data to confirm that the account holder truly controls the account. Meanwhile, @ToneVays warned that such location requirements could become standard for regulated payment apps, while Casa CEO @Nneuman suggested the move may be aimed at coping with a wave of social engineering attacks, rather than traditional KYC.
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