Brave Makes KYC Mandatory For Transactions Of BAT

Browser service Brave has mandated the verification of its users’ wallets using a government-issued ID in order to be able to withdraw and purchase their Basic Attention Token (BAT) based on Ethereum.

Users will be required to create an account and complete verification on the wallet service provided by crypto exchange Uphold.
The new changes were implemented on July 24, 2019.
Brave is a free and open-source web browser based on Chromium. The browser blocks ads and website trackers. It was the brainchild of Brendan Eich, creator of JavaScript and former CEO of Mozilla. In 2017, the company created the Basic Attention Token (BAT) based on Ethereum and integrated it into the browser.
Initially, BAT was a decentralized method to tip websites and content creators like The Washington Post or The Guardian in lieu of traditional advertisements. In its initial coin offering held on May 31, 2017, Brave managed to raise approximately $35 million from investors.
The Brave Ads program was launched in April of this year, which allow users to earn BAT by viewing a few advertisements every hour.
According to Brave, users who enable the rewards feature receive 70 percent of each advertisement’s revenue. Notably, they are not required to comply with Uphold’s KYC requirements. However, KYC needs to be completed for actions like withdrawal and new token deposits owing to regional KYC/AML regulations for all crypto exchanges.
A Brave employee, ‘Chriscat’ said in a blog post that it is preparing to introduce an Ethereum wallet within the browser itself. This will enable users to manage their on-chain Ethereum addresses and accounts directly instead of via a third party like Uphold. He added that peer-to-peer solutions does not seem viable for now because “most mainstream users and publishers do not know or want to manage their own on-chain wallet.”

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.