Do you believe that KYC verification is a necessary step that all exchanges should employ?

[Trey]

With a KYC, if a crime is committed using an exchange, it would be easy to trace. I can't even join a cryptocurrency exchange or wallet that doesn't require KYC. It looks too risky for me.

 

[Planbizzle]

KYC verification can enhance the security and transparency of the exchange, which can help to increase client trust. The majority of bitcoin exchanges would therefore benefit from using KYC verification as part of their compliance and security initiatives.

 

[Jonaville]

There are many cryptocurrency exchanges that are out there at the moment and many more that are being released. Some of these exchanges have extreme verification processes, whereas the others do not, and you can use it immediately after signing up with just an email address. Which is very good for some users. However, do you feel that KYC verification should be a standard practice across all exchanges?

There are of course advantages and disadvantages to this. The advantage being that it will prevent money laundering and also that it will be able to provide more of a regulated feel for crypto which may help in governments accepting it more readily. The disadvantage is that there are many that will then move away from exchanges to protect their anonymity as is what is provided through crypto.

Personally I think that to balance these two, accounts with high values in coins that exceed a certain limit should be required to do KYC verification to avoid money laundering. What are your thoughts on this?

It is indeed a necessary step so that they will be able to fish out people who are carrying out dubious activities or scam activities on the cryptocurrency exchange