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Lawyer Asks Whether KYC Is Worth Exposing Users to Hacking and ID Theft

Published 11/02/2019, 02:17 PM
Updated 11/02/2019, 04:01 PM
Lawyer Asks Whether KYC Is Worth Exposing Users to Hacking and ID Theft

In the aftermath of the recent BitMEX data leak, lawyer and general counsel at decentralized finance startup Compound Finance Jake Chervinsky raised the question of whether exposing the public to data risks that Know Your Client (KYC) requirements entail is worth it.

In a tweet posted on Nov. 1, Chervinsky calls KYC requirements “are a double-edged sword.” He explained that KYC helps law enforcement to track illegal transactions but also exposes the public to hacking, phishing and identity theft. In the end, Chervinsky raised the question:

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