To KYC or to not KYC? On this episode, CoinDesk’s Anna Baydakova talks to Hodl Hodl and Bisq, two non-custodial, no-KYC bitcoin exchanges. One 12 m
To KYC or to not KYC? On this episode, CoinDesk’s Anna Baydakova talks to Hodl Hodl and Bisq, two non-custodial, no-KYC bitcoin exchanges.
One 12 months in the past, the Monetary Motion Activity Pressure, the worldwide anti-money laundering watchdog, dominated that crypto transactions information ought to be controllable, and ever for the reason that query has been not if you KYC your customers however how you do it.
However not all bitcoiners have surrendered to this norm. Hodl Hodl and Bisq don’t present centralized custody and don’t verify person identification. Additionally they don’t make use of the blockchain tracing instruments to dam the “tainted” cash (blacklisted as coming from illicit actions), which has grow to be a should for main bitcoin exchanges as of late.
What comes with this? An opportunity to purchase and promote bitcoin with out revealing your identification, in addition to far more accountability over how you purchase and retailer your crypto. Max Keidun, the CEO of Hodl Hodl, and Steve Jain, contributor to Bisq, dig into why, within the occasions of crypto-compliance, individuals nonetheless may want (or perhaps simply lawfully need) to maintain their bitcoin offers to themselves.
There are extra inquiries to come up from such old-school-cypherpunk pondering: how will you ensure you don’t get scammed at these p2p platforms? What do you do in case you purchase “tainted” cash blacklisted by the FATF-abiding exchanges and distributors?
Max and Steve share their takes on this, and the principle clarification might be: “every part has a worth.” Together with freedom from surveillance and information leaks.
We additionally contact the matter of decentralization that’s necessary to each Hodl Hodl and Bisq. Hodl Hodl is planning to open-source itself, so everybody can clone and run their very own p2p bitcoin change in case the regulators go after Keidun and his staff. And Bisq totally decentralized final 12 months, when it turned all its resolution making over to a DAO.
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