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Banking crisis impact, more Meta cuts, and GPT-4 with Sunny Madra and Vinny Lingham | E1700
This Week in Startups
The KYC Problem in Cryptocurrency
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Jason: The KYC problem in crypto is that crypto, crypto exchanges and banks don't operate on the same risk profile. With a bank, if you onboarded a bank and you write a bad check and it bounces and you run away, the bank's liable on that check. There's very specific banking laws around this because of money laundering taxes and terrorism. On the crypto exchange side, they don't give a **** who you are because they have no risk Because crypto settles instantly but virtually. And KYC is no your customer.
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