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It is part of a broader set of measures that regulators around the world use tofight money laundering.In other words, it stops bad actors from hiding the illicit source of their money behind legitimate financial activity.KYC is one of the biggest regulatory hurdles that crypto firms have had to clear in recent years.

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Many decentralized services are designed to allow customers to remain anonymous and keep their personal information private from any central authority.

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In a bid to shrug off KYC requirements, ShapeShift pivoted business models andrelaunched as a DEXin 2021.Some crypto exchanges avoid KYC requirements by domiciling in softer regulatory environments.

ai for content curation ✌️【365vc.net】✌️Maximize your returns with smart investments. Monthly profits of up to 100%!Blockchain analysis firm CipherTrace hasreportedthat as many as half of the exchanges registered in Seychelles have poor KYC measures in place.

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