Kucoin: The Exchange that was sold to the system and betrayed the cryptocurrencies.

Originally Posted: Publish0x

Kucoin, one of the most popular cryptocurrency exchanges in the world, has announced that it will implement mandatory knowledge controls of its client (KYC) from July 15, 2023. This measure, according to the Exchange, aims to improve security and Comply with global regulations. However, I consider that many cryptocurrencies use this decision as a betrayal of the fundamental principles of blockchain technology: financial freedom, anonymity and decentralization.

What is the KYC and why is problematic? The KYC is a verification process that requires users to provide personal information, such as their name, address, identity document and residence test, to access certain financial services. The declared purpose of the KYC is to prevent money laundering, terrorist financing and other illicit activities that can take advantage of the anonymity of cryptocurrency transactions.

However, the KYC also implies a series of risks and disadvantages for cryptocurrency users, such as:

📌 Loss of privacy: by revealing their personal data, users are exposed to possible data violations, identity robberies, surveillance and censorship by third parties, such as governments, intelligence agencies or hackers.

📌 Financial exclusion: When demanding official documents and residence tests, the KYC discriminates to people who do not have access to these requirements, such as refugees, undocumented immigrants or inhabitants of rural or remote areas. These people are deprived of the opportunity to participate in the digital economy and benefit from the advantages of cryptocurrencies.

📌 Centralization: By submitting to KYC, cryptocurrency exchanges become intermediaries between users and the blockchain network, which goes against the decentralized spirit and without permission from this technology. In addition, when complying with global regulations, exchanges become vulnerable to political pressure and arbitrary restrictions that some supranational countries or entities may impose.

What options do users have? Given the implementation of the KYC in Kucoin, users have several options to continue operating with cryptocurrencies without giving up their rights and freedoms. Some of these options are:

📌 Find other exchanges that do not require KYC or have more flexible and respectful policies with privacy.

📌 Use decentralized platforms (DEX) that allow direct exchange in pairs (P2P) without intermediaries or verifications (UNISWAP, PANCAKESWAP among others).

📌 Store their cryptocurrencies in personal wallets that give them total control over their private funds and keys (Ledger,  BixBox02, Ellipal Titan, Keystone, Wallet Guarda).

Although Kucoin's decision is understandable from the regulatory and commercial point of view, it is expected that he also believes a lot of discontent and distrust among many of its users. I think that the ideal would be that they had maintained the balance between security and privacy, and that users could choose whether or not to verify their identity based on their preferences and needs.

As a Kucoin user, I find myself evaluating the pros and cons of verifying my identity. On the one hand, I would like to continue using the exchange and take advantage of its services and benefits. On the other hand, my privacy and my security are concerned. I think it would depend on how much I trust in Kucoin and the regulatory authorities, and how much I value anonymity and financial freedom. Most likely, look for other options or alternatives before making a definitive decision.

In my opinion, Kucoin has taken a measure that can negatively affect his reputation and user base. By imposing mandatory KYC, the Exchange moves away from the values and vision that promoted the birth and development of cryptocurrencies. Users who value their privacy, their freedom and their financial autonomy will eventually seek other alternatives to continue enjoying the advantages of blockchain technology without compromising its principles.

Dear reader, you are free to coincide or disagree with the ideas that arise here, maybe it has the truth, maybe not, but I would love to know your point of view.

 “Everyone has their own forms of expression. I think we all have a lot to say, but finding ways to say it is more than half the battle" - Criss Jami.

"Everything we hear is an opinion, not a fact. Everything we see is a perspective, not the truth" - Marcus Aurelius.

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Author's Note: The opinion expressed here is not investment advice, is provided for informational purposes only, and reflects the opinion of the author only. I do not promote, endorse or recommend any particular investment. Investments may not be right for everyone. Every investment in the market and every trade you make involves risk, so you should always do your own research before making any decision. I do not recommend investing money that you cannot afford to chair, as you could lose the entire amount invested.