~snip~
But we cannot deny that centralized exchanges have also brought their fair share of issues, one of the most obvious ones is that now many people prefer to keep their coins at exchanges so they can trade and invest as soon as there is a big news, but this compromises significantly their privacy and the true ownership of their coins, two aspects which are incredibly important and which are disregarded by a great deal of traders now.
About privacy it is the decision of each user. about centralized exchanges of course some of them require KYC completion to find out who their customers are, because this is also to tackle criminal acts such as money laundering and other things. If you want to use an exchange that does not include KYC, you can use a DEX exchange because it is a decentralized exchange that is directly linked to your wallet. Exchanges like Binance require KYC to withdraw a certain amount of assets, but security is guaranteed. But remember once again, not suitable for those who are very concerned about privacy more than anything else..
Agree. A lot of times, I saw people put CEX on the absolute shit list cause of the KYC requirement. But in the reality, unless you living off-grid, most of the time people give away their KYC like it was a normal thing without batting an eye. KYC help exchange to reduce bots and farming accounts for whatever purpose they want to do. You definitely don't want to use an exchange full of bots, CEX or not. Cause it'll be full of pump&dump, fake trading accounts. Not even talking about heavy stuff like money laundering, trying to scam in the p2p with exchange wallets,... Anyway, don't want KYC? Go to DEX exchange.
Someone has said on the first page of this thread. I feel at ease when using the p2p trade on the CEX exchanges compared to the p2p in the old days. The ease and security of CEX exchanges are well worth the downside of giving away your KYC. As long it was a trusted CEX exchange like Binance, your KYC data is encrypted.
