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Does KYC defeat the purpose of cryptocurrency?

  • Thread starter Thread starter BrolySSJ
  • Start date Start date
Crypto asset is decentralized but the companies dealing with cryptos are centralized. We need to understand this fact. When you are using centralized company, you need to follow the law. These companies are required by law to have proper information about their customers.
 
Crypto fraud is definitely something to keep an eye on, and I’ve learned that the hard way. I once got roped into a "pump and dump" without realizing what was happening. The price of a coin shot up so quickly, I thought I was missing out, but once the hype died down, I was left with a significant loss. It was a tough lesson. After that, I started being more cautious and did some digging, like reading about https://blockchainlawyer.com/kyc-compliance/, which gave me a better understanding of how important Know Your Customer (KYC) checks are in preventing fraud. Now, I always look for transparency and reliable info before investing.
 
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It suggests grammatical and stylistic improvements, such as replacing certain phrases for better flow and ensuring consistent punctuation. Specifically, it highlights the exponential growth of cryptocurrency users and the increasing need for KYC (Know Your Customer) verification due to regulatory pressures. The text raises a critical question about whether mandatory KYC requirements undermine the anonymity that initially attracted many users to cryptocurrencies.
 
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