Post
Topic
Board Bitcoin Discussion
Re: Binance sued for money laundering over stolen bitcoin.
by
Stedsm
on 17/09/2020, 13:04:13 UTC
If KYC becomes mandatory, then we will likely see a proliferation in the number of DEXs and a growth in the volume they are dealing with, which would be great for everyone who is interested in their privacy.

Tbh, I personally believe DEXs can't really match the volumes we see over centralized exchanges and even if they will, they won't be able to handle it. I used IDEX (one of the most favorite for everyone going for DEX) but even they had several issues like server fuck up, database errors (sometimes it showed coins which I never bought and possessed, while sometimes it even hide my coins that I have on that address), giving "wrong private key" errors even when it was used at the same time at MEW and even worked.



A surge on the number of newly-created accounts to take advantage of the no-KYC 2BTC limit per account would have been noticed by Binance if they were really keen into combating money laundering.


Seriously, how's that even possible? A wave of new accounts to look after? It was 1.5k BTC, so even if 750 new accounts were made, nothing can be brought under observation as these numbers are too small compared to the daily sign ups these exchanges are getting worldwide. It'd have only been caught if thieves may have used a single place's IP address(es) while creating accounts. It wouldn't have been hard for those hackers too to gain some fake phone numbers and identity theft is not a big deal for them who hacked a whole exchange.