I don't exactly trust the exchanges that much because we don't know what they will do with that data. KYC itself doesn't make your life any easier and all it does is alleviate the company's worries that you are a real person. However, I wonder if that is even needed because they shouldn't care so long as they get your money.
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All the company cares about is complying with regulatory rules of the jurisdiction they are in.
My biggest issue is with the regulators making rules that don't actually solve the problems they say they're trying to solve.
In today's globalised, digital world, the reality is that no matter the rules they put in place, the tech has passed them by and they can always be bypassed.
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They do so because they want to operate in that jurisdiction and I think that is kind of expected. If they don't comply, then there is no business but I do agree that they don't really solve anything. It's more about controlling crypto and also figuring out who has crypto so they can tax us later in the future.
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