I will NEVER consider a KYC-requiring exchange as long as legit alternatives like BaseFEX are available.
In fact, I don't trust KYC conducted by cryptocurrency exchanges at all. Even Binance was recently hacked and thousands of KYC info including user id, selfie, name, email address, or maybe even physical address are currently being listed for sale on the dark web as we speak.
I mean, if you like to trade your own financial security for some short time convenience, that's your own business. But please don't attempt to convince me here because Ive learned my lesson the hard way.
A few years back, I had $5000 scammed off my credit card in Luxembourg despite I never set foot there for my entire life. And the goddamn bank still wanted me to pay for it. And you know what's the source of the leak? Amazon! Yes, THE Amazon.com!
Now, try to say it again that you feel comfortable entrusting your personal financial security to Binance, or even Bitmax? Do you plan to tell me this Bitmax has better cybersecurity than Amazon?
But almost exchanges now require KYC for users, or you can only withdraw a very limited amount if you do not proceed with KYC. Yes, it'll not problem if you don't trade much. But if you invest a lot in crypto, that's a must. DEX is an alternative but it lacks variety and liquidity.