Then let's get ready for DEX taking over, though I'm not a fan of dex exchanges because of lack of liquidity and trading volume but I remember that binance got binanceDEX
so I got nothing to worry about here, this is why I always have problem dropping my KYC information to third parties.
Absolutely agreed with you. You know I have a few friends who use fake identities on exchanges to avoid taxes and being recognized by legal authorities and I don't like such practices but now I understand why some guys pay to buy identities online and then use those on exchanges.
Although this is a bad news but I see one positive here that is, if authorities are asking for data they are recognizing the crypto trading as legal and that makes me feel good because in certain countries the laws about crypto trading are still bogus and ambiguous. I think more and more people might shift to dex after such news but the legal traders will be more than happy to pay some taxes/fees and trade proudly.