And a week ago you would have included FTX in that KYC "western" list esp since they had so many big "western" investors and Washington's ears including the SEC.
Not to mention Bitcoin and crypto were created out of the failures of the trusted KYC "western" banking standards of 2008.
You are literally repeating blind trust mantra based on region bias that has just failed again this week.
Crypto is about avoiding the need to trust any of these entities, if it still hasn't enabled that maybe it isn't mature yet as an industry.
CeFi or not.
FTX.US is based in the US and that didn't solve the fundamental issue of manhandling funds.
KYC didn't stop anything, the fraud was internal.
If proof of reserves was enough for you then Binance is on the same level as Kraken. It does sound a little hypocritical if you hold them to different standards if that was your issue.
From my understanding Binance took a more DeFi route while FTX/Coinbase were pushing for CeFi.
CZ doesn't inspire trust, but I don't think he is seeking it either. Unlike say SBF who had contracts where people HAD to praise him(YouTubers) and cultivated a persona of "honesty" - while ruthless destroying other projects, you are seeing just how many now and time will only reveal more.
If I wanted crypto to act like a bank, I'll just open another bank account.
I rather they build products that make life easier for others, than all the traditional derivative junk or yield scams that happened in recent years.
There is too much filth in the current system that exploited a good idea, let the tide recede and expose those who were swimming without pants.
Nobody is saying KYC is a guarantee, but whether it's a coincidence or not, the exchanges I consider to be safest are all KYC and based in jurisdictions where fraud == prison.
Not to mention Bitcoin and crypto were created out of the failures of the trusted KYC "western" banking standards of 2008.
You are literally repeating blind trust mantra based on region bias that has just failed again this week.
Crypto is about avoiding the need to trust any of these entities, if it still hasn't enabled that maybe it isn't mature yet as an industry. CeFi or not.