According to recent reports, Johnny Lyu, CEO of KuCoin, stated that privacy is not a fundamental aspect of Bitcoin.
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Privacy is not a Core Feature of Bitcoin
On top of this, the KuCoin exec claims that KYC is a crucial security mechanism for cryptocurrency exchanges to protect and reclaim customer cash in the case of loss resulting from malicious activity.
“When it comes to the purpose of Bitcoin creation,” Lyu says, “I think privacy is just one of its features.”
KuCoin CEO Believes Bitcoin is a Medium of Trade
In an interview, he stated that the primary benefit of Bitcoin, rather than privacy, lies in the fact that it serves as a medium of trade that allows holders to protect their investments against economic downturns.
In accordance with the CEO, some “events led to the birth of Bitcoin.” He went on explaining how Bitcoin was founded during the 2008 financial crisis, which was caused by the collapse of subprime mortgage lending in the United States.
KuCoin to Implement KYC Policy
As TheCoineRise reported, on June 28, KuCoin formally announced its proposed KYC policy in an effort to comply more effectively with international anti-money laundering legislation which will be effective from July 15, 2023. Lyu believes that KYC is intended for the safeguarding of public’s assets and to make sure that assets are kept safe on two levels.
He states: “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.”
Insolvency Rumors
The CEO of the exchange dismissed the rumors of insolvency and threatened to sue some of the prominent personalities in the crypto space when these influencers started urging their followers to remove all their funds from the exchange while alleging that KuCoin could soon prohibit users from withdrawing their funds.
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