Quote from: EXMON on February 19, 2023, 08:26:19 AM

Hey everyone, I wanted to start a discussion around the topic of anonymity and KYC (know your customer) requirements in cryptocurrency exchanges. As we all know, there are exchanges that require extensive KYC verification, while others operate with little to no verification process.

On one hand, KYC can help prevent fraud, money laundering, and other illegal activities. It can also provide a sense of security and transparency for users who want to know who they're trading with and ensure that their funds are safe.

However, KYC can also compromise anonymity and privacy, which are often highly valued by cryptocurrency users. Some argue that the need for KYC goes against the decentralized and borderless nature of cryptocurrencies, and can even put users at risk of data breaches and identity theft.

So, what are your thoughts on exchanges with and without KYC? Do you prefer exchanges with strict KYC requirements, or do you value anonymity and privacy more and prefer to use exchanges with little to no verification process? What are the disadvantages and advantages of each approach? And what measures do you take to ensure your anonymity when exchanging cryptocurrencies?

Let's have an open and respectful discussion around this topic and hear everyone's perspectives. Looking forward to your input!

List of KYC data breaches.

My suggestion is to implement a hybrid method(to a certain limit) to handle both the KYC and the Anonymity. If it KYC perspective, there will be a lot of advantages to users as well. it can stop third-party scams.