Xapo Bank enforces access, causing privacy concerns for users

According to Bitcoin News, Xapo Bank requires users to open their locator access to its applications and users are told that they need to share GPS coordinates to access the funds. Xapo Bank indicated that it cross-referenced positioning information with other data to confirm that the account holder actually controlled the account. Bitcoin analyst Tone Vays warned that such positioning requirements could become a standard configuration for regulated payment applications, which, according to Nick Neuman, Chief Executive Officer Casa, was more likely to deter social engineering attacks than non-traditional KYC measures。