Quote from: ololajulo on September 06, 2019, 08:04:17 PM

Quote from: rafi035 on July 19, 2019, 11:32:11 PM

I do not know that KYC is profitable for crypto, which is clear KYC only verifies our data for withdrawals from websites and I think KYC is not important and this is just a trend so KYC is used everywhere.

I dont how KYC makes profit for investors. Dont misunderstand the reason for KYC, you can do a little search on it, it will help you. The idea of KYC is to have personal details of individuals submitted to prevent laundering, bank's involvement in any form.

KYC is mostly useful for government agencies, banks and security agencies, although it is still to our own protection because through KYC, a lot of scammers has been arrested and some money recovered from them which was paid to those how they could identify, Imagine that when that issue of binance happened, and they had some money stolen from their clients wallet, if they had not done KYC, there nothing that would have even been done in replacing the lost fund.

KYC really helps most individual that are in CEX exchanges to decentralized exchanges, if it was a decentralized platform that much hacking happened, no one would have been responsible for that and even if they arrest the victim, how would they return their money in dex when it is strictly peer to peer.