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?
Yes privacy is important that's why Exchanges also store kyc documents securely. The reason for taking kyc is to keep users in a loop. and avoid incidents like money laundering. CEX has a core team and they don't hide their identity so if money laundering happens through an exchange then the government of the country from which the money is laundered will take legal action against that exchange. And in this case if the exchanger does not take kyc from their customers then they will not be able to identify the money launderer. And that's why now CEXs are making kyc mandatory.