The CEO of Digitex exchange Adam Todd decided to
publicly oppose the KYC system, believing that this system only repels customers from the service and destroys the business. I myself am not a big fan of KYC, but it is definitely not without meaning and helps to prevent laundering and so on. I wonder what goals he can actually pursue by making such a decision.
What do you think about KYC and its appropriateness? Do you separate KYC by the types? Like going through KYC to just get the access to exchange platform (as it is
now with Shapeshift), or simply register with any email, but knowing that you might be one of the 0.1% and might be asked to confirm your identity (as it is now with
Changelly)?
It's a myth that KYC helps prevent money laundering.Do you know how easy it is to get the personal data of someone else,if you are a hacker or criminal?You could pay some poor homeless man to give you his ID for a while,you could hack some PC and get all the personal info.How can a crypto exchange platform prove that you are submitting your own ID card?KYC really repels customers and stops mass cryptocurrency adoption.Government clerks should try to find a better regulation that replaces the "know-your-customer" policy.