RE: KYC now mandatory on Binance.

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That's sad to see.

The solution doesn't have to be technical. In fact it shouldn't be as KYC isn't appropriate in other contexts either.

As the wealth, numbers and influence of crypto adopters grows we should devote some of that growing strength to fixing broken regulatory ideas like KYC.



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I can't see governments moving away from KYC / AML. They use it for:

  • Preventing money laundering and financial crime.
  • Preventing funding of terrorists.
  • Implementing sanctions.

They'll not be giving up those powers easily.

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(Edited)

No one ever gives up power easily. If we don't demand that they give those powers up they won't give them up at all.

Not one of those things — nor all three of them put together — justifies pre-emptive intrusions into the financial affairs of tens of millions of people who aren't doing any one of them.

KYC once wasn't a thing and civilization got on just fine — acquiesce for more than a generation or so and it will be forgotten that it was so. The advent of crypto, and the changes miniature-tiger aptly noted it forces regulators to make to keep apace, may well be the best chance to strike down KYC since its inception.

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