What are the restrictions for minors when it comes to using a cash app for cryptocurrency transactions?

3 answers

• Dec 17, 2021 · 3 years ago
  Minors are generally not allowed to use cash apps for cryptocurrency transactions due to legal and regulatory restrictions. Cash apps typically require users to be at least 18 years old to comply with anti-money laundering (AML) and know your customer (KYC) regulations. These regulations aim to prevent illegal activities such as money laundering and terrorist financing. Therefore, minors may need to wait until they reach the legal age to use cash apps for cryptocurrency transactions.
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• Dec 17, 2021 · 3 years ago
  Using a cash app for cryptocurrency transactions as a minor may violate the terms of service of the app. Cash app providers often have strict policies in place to ensure compliance with legal requirements and protect their users. Violating these policies may result in account suspension or closure. It is important for minors to understand and abide by the age restrictions set by cash app providers to avoid any legal or financial consequences.
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• Dec 17, 2021 · 3 years ago
  At BYDFi, we understand the interest of minors in cryptocurrency transactions. However, it is important to note that using a cash app for cryptocurrency transactions as a minor may not be allowed due to legal and regulatory restrictions. We recommend that minors consult with their parents or legal guardians and explore alternative options, such as educational platforms or virtual simulations, to learn about cryptocurrency until they reach the legal age to engage in cryptocurrency transactions through cash apps.
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