In response to the increasing need for privacy, non-KYC exchanges like Bitunix have emerged.
I haven't heard anything about them and I only heard about it just because you've made a thread about it.
It serves as an alternative for users who prioritize facelessness and wish to bypass the traditional KYC process. Although the exchange allows traders to avoid KYC requirements for transactions of over 500,000 USDT, for larger transactions, it acknowledges the need for heightened security and KYC becomes necessary.
Now, after spelling out the importance and the problems of KYC, do you see Bitunix's new trading option as its solution, or do you think there may be a better approach to solving the problems of KYC? Also, it's possible you don't see KYC as a problem at all because of how crucial it is , just state whatever your thoughts on the KYC policy are.
Thank you
Honestly, it is contradicting to what you're claiming that they're a kyc solution if you're pointing out that there's a certain limit and then once you hit that, you're required still to kyc. This exchange is not even different from the usual ones that we're using that haven't required kyc before but then changes their terms to mandatory kyc. While some are still fine for not requiring kyc but that seems to be the consolation that they're doing for having a limit and then kyc is next upon reaching or going more with their threshold. There's no better approach with that because even the know P2P markets, who knows if soon they're going to change their terms as well. They probably as good as no kyc now but we've seen series of these exchanges changed that policy.