Ever since KuCoin announced it would make KYC mandatory, there has been a problem. For many reasons, people do not want to do KYC, which is a valid reason in itself. The main reasons are:
Privacy Problem
Some people do not want to do KYC for their own privacy. Personal privacy has been a very sensitive issue in the online space since its inception. People of this ideology avoid the KYC process due to the possibility of revealing their identity to unwanted people.
Anti-Crypto Regime
Many people are reluctant to complete KYC in order to circumvent local anti-crypto regulations or International sanctions. This is how the Russians, Cubans, Iranians are evading US sanctions, or Nepalese avoiding their country's ban on cryptocurrency, or US citizen who are avoiding SEC restrictions.
The Complexity of Kucoin
Certain people consider KYC a requirement for a growing cryptocurrency enterprise, such as Binance, Coinbase, etc., but are unable to finish the KYC procedure due to its complexity. A lot of people are not keen to do KYC since KuCoin support is uncooperative.
