According to Cointelegraph, KuCoin, a cryptocurrency exchange, plans to adopt mandatory Know Your Customer (KYC) checks. However, considering the present situation, Johnny Lyu, CEO, KuCoin, disagreed that privacy is not the most important feature of Bitcoin.
Sources revealed that on July 4, 2023, “When it comes to the purpose of Bitcoin creation, I think privacy is just one of its features,” Johnny Lyu, CEO, KuCoin, told Cointelegraph during an interview.
It is believed that “KYC is aimed to protect the assets of the public and to ensure that assets are protected on two different levels. The first level is ownership, so you know that the money is yours. And the second level is that you can actually track your assets in the case of theft. So if you lost your assets, we’ll be able to track the source and make sure the source is clean,” Johnny Lyu, explained.
Furthermore, “The whole development cycle of cryptocurrency, I would say that KYC, it is a stage that is inevitable and it is very healthy as well,” Lyu told Cointelegraph.
(With insights from Cointelegraph)