Expert Answers

newest most voted

I think to an extent it is the responsibility of the firm to take action that limits or prevents their platform being used for illicit activities. It is a mutual responsibility for every firm that is a part of the economic ecosystem to take actions within their own spheres’ of influence to prevent societal evils. That being said, such activities tend to prevail even under the most heavily regulated markets (and firms), which ultimately becomes a reputation-hazard or bad press, and no one really wants that. It’s a trade off between reducing friction in accessibility to digital payment channels and enacting measures to ensure reliable KYC protocols that every involved firm needs to carefully evaluate.

My verdict: I wouldn’t go outright blaming the firm itself for malignant use of their service, but would definitely advocate actions taken to curb them.

Hungry for knowledge?
New guides and courses each week
Looking to invest?
Market data, analysis, and reports
Just curious?
A community of blockchain experts to help

Get started today and earn 4 bonus blocks

Already have an account? Sign In