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?
Good enough it’s what you think should be the case and that isn’t what is for some good reason. Maybe not to user’s advantage but, it sure do helps the exchange with regards to authorities which in turn, ensures there are these services for crypto investors to use.
KYC is simply a an avenue for these firms to have some idea on whom there customers are. That’s not so much but, where it becomes an issue is, what would these guys do with this data, who are those it’s exposed to, how could they be sure it doesn’t fall into the wrong hands and more of concerning questions as those. That’s where the issue always comes in. That’s why it’s cool to use that which makes you feel safe or you could trust.
Don’t forget, these are centralized exchanges and they’ve got to play in accordance with the laws of the jurisdiction in which they operate to avoid being short down.