Since the majority of users appear to have welcomed the requirement for required KYC, I believe the focus should now be on enhancing exchange security.
Are you being serious right now because, I’m not taking you up on that.
The cryptocurrency space and it’s users have never been very welcoming of the KYC idea. It’s not an entirely bad idea but, anonymity remains a vital part of the cryptospace and KYC sort of takes that away from you. It’s mainly an option that you can’t refuse on a much needed service else, majority of users that occupy the cryptospace aren’t arms open to KYC.
I am aware that KYC may reduce fraudulent activity, however dealing with hacking and security exploitation issues will need investing in the strengthening of security. Adoption could happen quickly with sufficient protection because safety will be assured.
Yeah, that’s one of its benefits but, where it becomes an issue of concern is about the safety of these KYC documents. In cases of obvious hacks, while most of the focus might be centered on the money being stolen, data are also picked up along the way too.
the recent incident with Houbi should serve as a reminder for everyone to remainattentive and prioritize their security.
When it’s a hack on the exchange, it has nothing to do with you but still, you must ensure to take security seriously.