As crypto goes more mainstream, we are faced with increasingly onerous KYC processes. Compared to traditional brokerage accounts, getting your KYC done on crypto exchanges is a bit ridiculous.
The aspect that I hate the most is having to do the photo next to the ID. That feels like a serious invasion of privacy to me. Having to take a photo and submit it to some anonymous guy viewing your photos is a bit creepy.
There used to be or maybe there still is this loan scheme where you can get a ton of money if you submit your nude photo along with your government ID to loansharks. The thing is, even if you repay the sum, the photo goes online because the loansharks monetize that too.
Doesn't crypto verification feel a bit like that too? Of course I'm exaggerating but the over reach is definitely noticeable when other normal exchanges don't require them. Anyway, I'm now looking for a Binance alternative because I refuse to submit my photo.
Unfortunately, that is going to be the way it is.
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Yes, agree. Any exchange that wants to go mainstream has to play by these rules.
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