What's the need of KYC if we are using cyrptocurreny for deposit? i am not a fan of KYC so you will have a hard time getting even a small marketshare due to your KYC policy before trading.
Times are changing - we'd love to offer a no-KYC service, but it's just getting tougher and tougher in the crypto world as regulations catch up. A bit of background:
We're a centralized service. If we offer no-KYC, we put ourselves at risk of a shutdown by regulators (over the long run). When you're a financial service, serving customers you don't know, some government or law enforcement agency somewhere will eventually find a way to accuse you for anti-money laundering or terrorist financing. And this just doesn't make sense for us, because we're building the business for the long run in compliance with the laws of the jurisdictions we serve.
Additionally, when you offer a no-KYC service as a company, it's become almost impossible to get a corporate bank account. That means we wouldn't be able to pay for employees or regular office expenses, which would make it impossible to conduct business. Some of the remaining no-KYC crypto businesses like Binance, Bitmex, or Bitfinex have managed to get around this so far through some loopholes, including creating dozens of offshore companies, each with their own low-balance bank accounts (with the banks not being necessarily aware of the business they're conducting). But we don't think that's a sustainable strategy moving forward.
So KYC is a small price to pay to run the company for the long term. It's also a good assurance for customers that we're operating in compliance with the law.