Why Know Your Customer (KYC) Is A High Risk to Crypto Investors?

TL;DR The Coinbase data leak exposed how KYC, designed for traditional banking, is incompatible and risky for the crypto industry. Although meant to prevent crime, KYC gathers sensitive data that becomes an easy target for extortionists and black market operators. With no viable short-term alternatives, centralized exchanges will keep applying a system that protects less. . . source: https://crypto-economy.com/why-know-your-customer-kyc-is-a-high-risk-to-crypto-investors/