Yes no kyc means you can do 100 accounts and trade 100 dollars worth of coin 100 times. That would be 10000 dollars. That is a common money laundering number 10000 level.
Furthermore, there are scammers that open 100 accounts and trade among themselves and give each other good feedback. After 6 months, those accounts have good reputations and the scammer would burn them all with exit scams - usually buying BTC for PayPal and then doing charge backs claiming that the charges were not authorized.
This won't be possible if each account is tied to a unique person which is not possible without KYC.