Is no KYC legal?

Is no KYC legal?" This query comes with a layer of curiosity and perhaps a bit of skepticism. It suggests a desire to understand the legality of not performing Know Your Customer (KYC) checks in the realm of cryptocurrency and finance. KYC is a standard practice in the financial industry, aimed at verifying the identity of clients and ensuring compliance with regulatory requirements. The questioner may be exploring the gray areas of this practice, wondering if there are circumstances where foregoing KYC checks is permissible or even encouraged. There could be a hint of skepticism towards the necessity or effectiveness of KYC, or perhaps a search for loopholes in the system. The tone of the question is inquisitive, seeking clarity and understanding rather than challenging the existing norms. It suggests an open mind, willing to listen to explanations and perspectives that might justify or explain the legality of not performing KYC. However, it's important to note that, regardless of the tone, skipping KYC checks is generally illegal and violates regulatory standards, as it poses risks to financial stability and consumer protection.