~3,100 words • Updated May 2025 Contents 1. Why This Debate Matters in 20252. KYC on Centralized Exchanges—How We Got Here3. Anonymous Swaps: What They Are & How They Work4. Global Regulatory Scoreboard (US, EU, Asia, FATF)5. Hacks & Data Leaks: The Real-World Cost of KYC6. Legality: Is Using a No-KYC Swap Allowed?7. Risk Matrix: Custody, Compliance, Privacy, UX8. Platforms to Watch: GhostSwap […]