âKnow Your Customerâ (KYC) and anti-money laundering (AML) measures are being widely introduced by centralized crypto exchanges under regulatory pressure. Many in the governments around the world believe this is the only way that crypto can be legalized and its criminal use prevented.
Binance exchange has recently announced that it is going to tighten its KYC policies to comply with global regulations.
However, regular crypto investors seem to be unhappy about it.
âWe shouldnât be tolerating KYC/AML policiesâ
This is the title of a Reddit post published several hours ago. The author is a redditor going by the name âu/LeoBeltranâ who suggests that regulatory measures that target personal user data must not be coped with, since KYC is a direct privacy violation.
ââIf you have nothing to hide, you have nothing to fear.â OK, I get it. Youâre a good guy. You never did anything wrong and you believe that everyone trying to protect his privacy must be doing something illegal.â
âBut let me tell you: if I wanted to ask for permission and to be verified each time I make a transaction, Iâd be pushing credit cards and traditional financial services.â
âBitcoin and other coins are meant to provide personal financial freedomâ, writes the redditor, âto transact what I want when I want.â
He believes that governments are trying to get crypto under control, therefore implementing KYC and AML.
âKYC should be rejectedâ
u/LeoBeltran suggests that the crypto community must reject KYC and AML as measures targeted at stealing oneâs freedom with finance.
âWe should be completely rejecting these policies, not endorsing it or justifying their existence. Want me to prove my identity to open an account on this exchange? No, thanks. Want me to tell you where I live in order to buy this token? No, thank you.â
KYC enables hackers to steal your personal data, put it out for sale on the dark web and then also get hold of your crypto.
âWant me to give you the possibility of stealing my funds if you happen to not like me for some reason? Go flick yourselves.â