What happened to local bitcoin trading site..do to the sudden implementation of KYC procedure regular traders getting shocked with the limitation of LBC trading... already we facing various issues from government sides, then the sudden KYC implementation gives negativity so the traders are decreases day by day. Finally the KYC procedure not user friendly, If we produce the right id proofs then also getting rejected. If it continues we dont no what happen to LBC next?
I think it is about governments and how much you want to go against them as well. I mean if the government you base your operations in wants your KYC and asks the company to ask for KYC in order to give it to them and then there is nothing the company can do.
What are you expecting them to do tell the government no? That would have big repercussions and they would finally raid the place to get all of the information themselves or close the company down. That is why if a government asks something like that they would have to apply it to their website and follow the rules, otherwise they would have to pay the penalty. These are not anarchy ridden countries we talk about, they are huge and they do not want money laundering to get easier in their nations as well so it is understandable.