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Crypto exchange Digitex has decided to remove Know Your Customer (KYC) on its platform.
Digitex has been subjected to a large data breach after sensitive documents were taken from its third-party KYC portal. Adam Todd, founder and lead at Digitex Future Exchange, took responsibility for the problem as it was an internal breach due to unacceptable lax security standards and decided to take action by removing KYC completely from the platform.
In a video, Todd explains that while most have accepted KYC, he is personally against it. He explained that the regulators justified the need for KYC to avoid money laundering and financing terrorism. However, he couldn’t imagine anyone laundering Ether into DGTX only to fund international terrorism. He even called the act “ridiculous.”
“We all know the real reason for KYC… Big brother wants to know what everybody is doing all the time and I don’t believe they have the right to do that to everyone in the world… We have a right to a certain amount of privacy. Exercising that right does not make you an international terrorist or a money launderer or a criminal of any kind,” said Todd.
Todd understands that U.S. regulators have decreed its citizens to not use unregulated exchanges. He said Digitex will abide by blocking U.S. citizens. He will ban U.S. IP addresses, make the users click a checkbox to confirm if they are not from the U.S. and agree to detailed Terms & Conditions.
“I believe that is every reasonable measure I can take,” Todd explained.
Todd said that at the end of the week, KYC will be removed and users will not be required to do it to buy DGTX tokens from the Digitex Treasury and from the mainnet launch.
“No KYC will be necessary on the Digitex exchange,” Digitex announced.
Meanwhile, Dubai Economy and six other major banks agreed to launch a KYC blockchain consortium. The participating banks include Emirates NBD, Emirates Islamic, HSBC, RAKBank, Abu Dhabi Commercial Bank (ADCB), and Commercial Bank of Dubai (CBD).
