In some cases regulations are necessary to put an end to fraud and corruption in the crypto/Blockchain industry. By requiring KYC compliance on centralized exchanges, the crypto world could become a better place. However, the mere fact that you'd need to provide some sort of ID verification would completely destroy the purpose of crypto. I've seen situations where centralized exchanges became hacked, putting customers' identities at risk. Last time I've heard, someone hacked Binance and threatened to expose customer's identities across the web.
What are your thoughts?
Actually, KYC distrupts user's privacy which makes them prone from identity theft. I'm personally not favorable of KYC but I have to comply as I understand why they are requiring it. In submitting KYC, it's vital to be picky. Submit your KYC only to huge companies thus the possibility of being prone to identity theft is lesser though the risk is still there. I think without KYC abusers will just abuse crypto which isn't good at overall.What are your thoughts?