Few letters spark fiercer debate in blockchain than these three: KYC. Over the last decade, Know Your Customer rules have permeated most crypto industries, but despite their widespread implementation, they remain controversial in sectors that have traditionally been largely devoid of regulation.
Few centralized exchanges today operate without KYC save for a handful of shady offshore platforms. The remainder have fallen into line, recognizing the need to adhere to financial regulations, avoid censure, and mitigate the flow of hacked and laundered funds. One frontier that’s been slower to adapt to this paradigm is mining, an industry where anonymity still reigns supreme.
But as the industry becomes more tightly enmeshed with other crypto sectors and adds fiat onramps, mining companies too have acceded and begun implementing KYC. While the hesitance of the mining operators still holding out is understandable, resistance is futile. Despite what its critics claim, KYC is me
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