XBrick is an Australian cryptocurrency exchange. Xbrick's platform has a high-performance engine just like KuCoin exchange. It can process more than 2 million orders per second. So it is guaranteed that there is no delay in the whole process. Supports KYC for the purpose of Anti-Money Laundering regulation.
Why KYC seems to be so important? Almost every crypto exchange now requires KYC for you to be able to withdraw your funds. Personally, I am not totally in favor of it because it doesn't match the anonymity feature of cryptocurrency. I find inconvenient when I am just going to withdraw a small amount.
KYC policies have been more extensive and they are very important in financial institutions. Because of corruption, terrorist financing, and prevalent money laundering, KYC process have now been a vital tool to avoid illegal transactions. This will ensure that the financial institution is doing business with its customers legally.
KYC is important because it ensures that the user of the platform is a real person. KYC is normally for banks to ensure that there is no money laundering involved in transactions as well as to monitor client behavior. As of now, there are no laws with regards to requiring it with crypto currency exchanges but their expected trend is that it will soon be regulated, and those who are not doing it would have to comply.
But banks is different from cryptocurrency exchange. I disagree to have a KYC since it was just delaying our transferring of funds from another wallet in a rapid manner. What if I don't have a legal ID because I am just 19 years of age? Yes, I don't have yet a government ID right now since my driver license was expired last year, but I want to use an exchange. So it means, all of exchange are for the people who have ID's only. No way, I have my funds too.
I don't think delay would be an issue since the wp says:
The entire registration and verification process could be completed in as little as 5 minutes.
Having no ID though would be an issue. Even students have IDs.
Anyway, the main idea about their KYC based on the wp is:
Despite not being regulated by Australias anti-money laundering and counter-terrorism financing regulations, XBrick has pioneered an advanced anti-money laundering ID verification system
to prepare for potential regulations. We put significant effort into ensuring
our know your client process complies with all existing legal requirements.I completely agree with you. I believe that XYC is made by XBrick to comply with all existing legal requirements as most of the financial markets and institutions do. This is also to prevent and limit fraudulent activities being made on the platform if someone attempts to do so.