Is KYC bad for crypto?

[Swordsoffreedom]

Actually, KYC is beneficial for any types of financial project. though it is beneficial but it is risky too, if you are a consumer then it is risky to give your sensitive personal data to someone you don’t know. so it is not a good idea, to pass KYC if you don’t trust that project. KYC can be used to stop fraudulent activity, but there should be some restrictions, such as there is no need to pass KYC for general users. Those who do transactions over a certain amount only they should be verify KYC not all user.

[Kezacky]

KYC only needs to be done for the project team, investors, developers and some other important members and even for prize hunters it also needs to at least reduce multi-accounts. if you want to do KYC in a centralized exchange I think you should be more vigilant, only with large, truly official exchanges like Binance.

[West-wot]

https://cointelegraph.com/news/crypto-payment-network-partners-with-id-screening-service