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?
KYC is the main tool, which is used by crypto enterprises to avoid court issues. First group of court issues are problems of the enterprise itself: accusations of tax evasion, money laundering etc. Since all the cryptocurrencies are anonymous, it's really hard to prove innocent without bunches of KYC data. Second group of cases are person vs person cases, in which the enterprise is a platform for money exchange. In such cases if all the transactions are deanonymised and registered, it might make clear who tells the truth who lies and what really happened. If such transaction registries are not made, then the enterprise itself can easily become te next victim of this court case.