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)?
KYC, of course, is a very negative point for cryptocurrency users. However, in certain cases one cannot do without it. It is not necessary to pass KYC on the exchange when registering, but when the transaction amount exceeds one thousand euros. If I go to the stock exchange and make small transactions, it makes no sense to demand KYC from me.
At the same time, we must understand that states will restrict or even prohibit the circulation of cryptocurrency if it is completely anonymous and they cannot control it.