Thanks for stopping by!
The ultimate idea with COSS is that it is going to be a “one stop shop” and not just an exchange, and it’s never tried to be the next Coinbase or Binance. It doesn’t really need to be the best exchange if it accomplishes its goals as a merchant portal, ICO platform, user friendly wallet, and fiat gateway anyway. Personally I use about 5 different exchanges for different purposes because there isn’t a single exchange that really has it all in terms of coin selection and usability.
I agree the current KYC process is cumbersome but (again not speaking as a spokesperson) I suspect that had to do with appeasing regulators and showing that they’re operating on good faith. They’re still dealing with the final boss—regulators in the US—which is the bane of every crypto exchange’s existence right now. I think your idea about 3 level KYC is good. I know that was the original plan on COSS but I’m not sure whether that has been scrapped entirely for the new system. I hope that as things have settled in and they’ve fully figured out their FACTA compliance in the US they’ll be able to tweak the process.