Quote from: Cookdata on Today at 12:45:38 PM

Quote from: Hanadawa on Today at 10:09:07 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?

I think KYC is an important thing. Cryptocurrencies have many challenges related to government regulation. Therefore, having KYC will make it easier for the CEX exchange to carry out transactions and trades. Your idea that KYC is only for those who make a lot of transactions is a good idea.

However, it will be quite difficult to implement this because there could be loopholes that will be exploited by those who don't want KYC. Or it can also be used to create scam because without KYC, people can create whatever accounts they want. And this could be a problem for CEX in the future.

Can you name one thing KYC has done for crypto since the government started the implementation? How many times has cex defaulted and announced being bankrupt due to hacks and stolen funds, even yesterday there was hacked that took place in one of the crypto exchanges called cryptoEX and it was reported that about $27M worth of ETH was stolen, who is the government supposed to KYC? The exchanges that are losing custody of user's funds to hack or the users that are just there to exchange? HUH!

KYC has been useful for the exchange to identify user's identity but I don't think it has been really useful the way it was intended, the centralized exchanges are the ones the government should be wary of, they have done more damage in crypto than even the said individuals. Look at how messy FTX has become till today, they are fighting each other within the teams, the sponsors, the politicians that accepted free donations, the lawyers and the venture capitalist and you think KYC is the problem, common bro.

I guess that centralized exchanges are just not as good as banks are at disguising the activities that are going on behind the scenes. FTX is a great example for that. Financing political campaigns on that level is insane. The dude with his curly hair and the jogging pants makes contributions in excess of $100 million to politicians. Then it turns out he ran some of the accounting for a multi-billion dollars company with spreadsheets and I think it was a free accounting software or something. Cheesy

Banks are running their own scams, but I think they know better how to do it then a young dude like SBF.

KYC at most exchanges is definitely a scam. I think when you take a publicly listed company like Coinbase, there is at least some oversight from regulatory bodies to make sure that they have a certain level of data security in place. But I have been asked by exchanges for my data that couldn't even spell the KYC shortage right. Cheesy

One time a customer support agent wrote it as words to me like "K Why see" or something like that. It was absurd. Cheesy

It's a few years ago and I wanted to trade one specific coin that at the time was only listed there. Better not trade the coin in the first place I guess. At some point they closed my account and I lost a few hundred dollars.