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Illia Polosukhin, co-founder of NEAR Protocol, warned the crypto industry could be pushed out of the mainstream market by indiscriminate regulation if it fails to address crime on its own and build a more mature ecosystem.
Polosukhin said it is inaccurate to claim developers of decentralized systems can do nothing to prevent crime. Banks use AI for fraud detection, Polosukhin said, but rely on centralized structures and know-your-customer checks, while KYC also fails to solve practical problems. Polosukhin added the crypto industry can use better data and talent to build systems that effectively curb criminal activity without KYC while preserving freedom for ordinary users. Polosukhin also said industry-wide cooperation could eradicate criminal activity in the crypto ecosystem, adding decentralization does not mean disorder.