KYC as a big loophole. Abuse and how to fight against it?

[Aanuoluwatofunmi]

Once we are making use of a centralized platform, then we should know that there is no how to evade the consequence of going through their normal and usual kyc procedures and requirements, they do this often and still have the back up of government in hand, so if we don't want to have our private information with any third party or government, then we have to stay away from centralized platforms, but on a real sense, can this be fully achieved as at now, because i doubt except maybe later.

[pieppiep]

Once we are making use of a centralized platform, then we should know that there is no how to evade the consequence of going through their normal and usual kyc procedures and requirements, they do this often and still have the back up of government in hand, so if we don't want to have our private information with any third party or government, then we have to stay away from centralized platforms, but on a real sense, can this be fully achieved as at now, because i doubt except maybe later.

Well, privacy preservation is a concern that is hugely likely on centralized platforms and particularly so with respect to identifying and verifying customer details through third parties and or governments. Staying away from CEXs and going with DEXs is advisable in this case as your privacy will be sharply preserved. But, as the presence of growing state regulation in many countries testifies, it is quite difficult to break from third parties at all. For this reason, it is also necessary to investigate the platform you use and evaluate its reliability and safety provisions. Further, keeping use of trust wallets and others helps to give one more way of preserving their data while still being able to get into the crypto market.