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)?
I understand why KYC is implemented but I do not have to like it or even be in favour of the measure, to me it is a very lazy approach to try to catch those that are doing bad things with cryptocurrencies, after all they could always fake their documents and keep doing their illegal activities while the 99.99% of the people in this market that are not doing anything wrong now have to deal with all kind of difficulties just to get their accounts approved and begin to use an exchange.