Post
Topic
Board Trading Discussion
Merits 4 from 1 user
Re: Anonymity vs. KYC: The Pros and Cons of Cryptocurrency Exchanges
by
tbct_mt2
on 19/02/2023, 09:41:41 UTC
⭐ Merited by o_e_l_e_o (4)
KYC is a tool for governments to force centralized exchanges to collect personal identity data of customers. Those data later can be used for many purposes of exchanges and governments.

Tax for benefit of governments, data sales for benefit of centralized exchanges. Who are losers with KYC?

Customers are always losers if they submit their documents to verify their identities in KYC procedure. With big exchanges, their data can be hacked, leaked. With small exchanges especially scam exchanges, they can use KYC card as official reason to get customer data and sell it to get money.