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this post was submitted on 21 Feb 2026
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KYC laws resulted in the personal data of a billion people leaking. Criminals and scammers will use this data to cause much harm.
Yes, I can condemn supporters of KYC laws for their incompetence and stupidity. This was obviously going to happen at some point. If you stockpile data, it eventually leaks.
And if you don’t collect that data, criminals and scammers will use free access to banking system to fund their scams and crimes. Letting people drive cars will obviously lead to accidents and deaths, that’s not a reason to outright ban people from driving. Just like risk of data branches is not a reason to outright call KYC evil.