DEX asking for KYC?
Haha. this is unbelievable to see a DEX asks for KYC.Additionally, if users simply tick on non U.S citizen, to surpass the KYC's requirements, what's happened?
Do the CB team check IPs of users' accounts?
KYC on DEX does seriously violate the essential vision of decentralized exchanges.
It's probably only going to be happening more and more...
The problem is if someone can be identified to be the operator of the DEX, authorities will go after that person and the only way out is to comply with the law. And the law requires KYC.
Actually the problem, the way I see it, it raises the operational cost for the exchange as well as traders down the line. It places user information in a position to be compromised by hackers increasing identity theft just because these legislations are not standardized and designed for your safety. Half backed laws with only one goal in mind (Surveillance) at any cost. Certainly does not stop money laundering, or terrorism, but are sold under presumption it's for your best interest and safety, from whom exactly? The same people making these laws, interesting to say the least. Yes, I have no issues with regulation or laws for the crypto space, but introduce a damn law or regulation that actually does what it's intended to do. KYC/AMIL are ill-conceived at this point and thus far it only protects you in the same manner as the mafia protect you. Obeid by our laws or we shut you down, or arrest you, even though you didn't do anything wrong. KYC/AML need to be revised by people that actually give a damn about the people they govern and not just their own agendas. Need to be revised by people that actually have a foundation to understand what crypto is in the first place. Well, that's my 2 cents worth.