KYC is no different than banking. They know your personal identity and have the power to block/cease your funds without a moment’s notice.

KYC goes against everything that crypto stands for.The entire point behind creating cryptocurrencies was to prevent governments and other bodies of power from controlling our hard earned funds whether that’s with or without our consent)

Every KYC platforms is government regulatory meaning that it should and will abide by the rules set by the government, making crypto on said platforms completely useless.

It’s literally no different than digital money in a bank or trading stocks and following regulation.

I see a fair amount of people say “we cant go mainstream without CeFi” and this is completely ignorant!

The entire value behind DeFi and the reason why it became so popular is that it has zero regulation. No matter what happens, not a single entity can block, cease or manipulate your funds.

Okay, I get that we need CeFi to onboard funds initially, but what I’m talking about is the high volume with CeFi trades. They shouldn’t be that high especially considering that there isn’t as much freedom trading with on CeFi compared to DeFi.

DeFi offers A LOT more leverage. DeFi on Polygon is the most famous for this with some DEXs like Gains Network offering leverages in the hundreds and even thousands.

They scored more than $16 billion in total volume in DAI yet there are still some CEX that score much higher numbers and that’s not even considering that they have way lower leverages.

This means that A LOT of people are using CEXs and this is very bad.

These KYC CEXs are ruining the entire essence of crypto.

Actually scratch that. The ones ruining that essence are those using these CEXs on a daily basis which honestly baffles me cause DEXs are superior in every way possible.