Quote from: Rabata on Today at 06:33:07 AM

Quote from: Altcoiner007 on September 05, 2023, 10:51:54 AM

Privacy is important when it comes to Cryptocurrency, so why do exchanges like Bitget require KYC (Know Your Customer) for all users, even those who only want to get airdrops? I thought KYC should be for those transacting many Bitcoins, Is it really necessary for everyone?

If all users were legit then KYC might not be needed. But that is not possible because there will be some miscreants ‍and for all these reasons KYC has become mandatory. In some countries the issue of KYC mentioned in their regulations. If you want to take any license form the country, it will be mandatory to do KYC. Not just Bitget the most centralized exchanges require KYC. I think all the sites which have not made KYC mandatory yet will gradually make KYC compulsory when the government comes under the restrictions. The ratio of money laundering has increased so much in today's world so if government try to control it then KYC is definitely needed.

One of the reasons for making KYC mandatory is to prevent money laundering. Every country has a law and when a CEX does business globally it can do business in those countries as per the laws of those countries and that's why KYC is being made mandatory gradually. Binance made kyc mandatory long ago. A few days ago Kucoin made kyc mandatory. Still exchanges like MEXC, Gate.io allow trade, deposit, withdraw without kyc but very less amount. In future they may also make kyc mandatory. So it is better to complete kyc beforehand