In times of a pandemic and growing economic uncertainty, crypto appears to be the much-needed asset class which can rise and prove the world that the future is coming. However, the technical and complex nature still accounts for some issues and is what keeps regulators at bay, inhibiting the sector’s adoption. The Binance US CEO Catherine Coley recently spoke about the Know-Your-Customer (KYC) and AML processes and addressed the challenges considering the decentralized ethos of crypto.
We are talking about Catherine Coley, who is the Binance.US Chief Executive Officer (CEO). Even though the users could not experience the complete freedom of cryptocurrency without KYC, it was something they had to do in order to “play by the rules in order to bend the metal a little bit.”
The Binance news before showed that the exchange itself has been making attempts in spreading the Bitcoin-freedom around the world and continents like Africa. The Binance US CEO worked with the CEO of Binance (the parent company), Changpeng Zhao, who said that the African market was a key market. However, Zhao also highlighted that for a large number of unbanked Africans the KYC requirement was a hurdle when considering wider crypto adoption.
Coley appeared on a podcast hosted by Charlie Shrem named Untold Stories and talked about other hurdles which rose in bringing crypto to the people. The Binance US CEO stated the following:
“Bitcoin’s really only accessible to people with the internet. So we’re already leaving out a huge chunk of humans anyways. Then to make sure you’ve got to go through Know-Your-Customer (KYC) that really means you have to have a bank account. That also means you probably have to have your name on a lease or a utility bill. Do you know how many women out there don’t have their names on utility bills or leases?Does that mean they can’t access crypto?”
A problem like this has been arising not only in the developed countries – but also in developing countries. Coley has long promoted the financial freedom and independence of all, with a large majority still being unbanked.
As the cryptonews show, Coley wants a crypto adoption but is ready to wait a bit longer, especially for undeveloped regions like these. However, addressing the problems in a podcast is certainly one of the first steps towards awareness and potential regulation.
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