Have I Been Pwned Drops Crypto Donations Due to Australia's Tightened Regulations

Troy Hunt, creator of Have I Been Pwned, is dropping crypto donations due to new Australian regulations. The Travel Rule compliance requirements make it impossible for him to fulfill the requests from small donors.

Hunt shared his experience on social media after Coinbase asked for extensive sender data for a $6 donation. He was required to provide the full name, country of residence, ID number, home address, and date of birth of the sender. This is an impossible requirement, according to Hunt.

The Australian government's financial intelligence agency, AUSTRAC, started enforcing Travel Rule requirements for Virtual Asset Service Providers on July 1. These regulations are tightening KYC oversight for virtual asset providers.