Quote from: coinerer on September 20, 2023, 04:09:36 PM

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?

The reason for making KYC mandatory is to prevent activities like money laundering. Because his kyc document will be given there. Whether or not to use a platform is entirely a personal matter for an individual. If you don't want to do kyc you can use DEX instead of CEX where no kyc is required. But if you are using CEX then you need to complete kyc as it falls within their terms & conditions. And to use their service must follow their terms & conditions

CEX needs to abide by government laws and regulations. Therefore they take proactive measures by enforcing KYC so that in future if they are questioned about the illegal use of money (Money laundering etc), they have the details of the person and they can give this data to the authorized agencies upon request. If the CEX won't implement the KYC, they can get into trouble themselves.

Also, I think people may report that a certain CEX is running without the KYC and it can lead to the closure of their business by the authorities. In simple words, it's hard to run an exchange business without implementing the KYC.