🔒 Citadel-backed brokerage Hidden Road has shut off access to ByBit for its clients, citing differences over KYC and AML procedures. ByBit's response? A thorough audit of its brokerage business. 🕵️‍♂️

This comes amid rising debates in the crypto world over KYC and AML regulations. Some, like Tornado Cash and Samurai Wallet, have tried to dodge these rules, but with the DOJ and U.S. Treasury on their tails, it's proving a risky game. 🚔

Research shows AML regulations have minimal impact on illicit finance, but the costs of compliance far outweigh recovered criminal funds. So, are these regulations really worth it? 🤔 Share your thoughts below!

Remember, in the crypto world, it's always better to play safe than sorry! 💰💼