[epwr]

> Is it black market when I pay the neighbor kid to mow my lawn and don't report their address? Nonsense.

No, but it is illegal for financial institutions (and many industries) to provide services without knowing who they are serving. Not sure how anyone is surprised that KYC requirements are coming for crypto..

[throwaway5959]

Never attribute to malice that which can be explained by ignorance.

[burnished]

Probably because banking stuff is cryptic and KYC sounds like something that is dredged in flour and 21 seasonings before being fried crisp instead of a very real obligation.