It’s a system where it’s almost expected you lie, whereas it’s much more difficult to lie to CashApp or Coinbase.

KYC is referring to “Know Your Customer” laws, which have become a big deal in the United States and other jurisdictions around the world. If you really want to get into the weeds, a simple name and email address would not qualify as being “KYC compliant” in the United States. Clearly it is in Canada under certain limits, but this form of identification is much less intrusive than true KYC.

You couldn’t easily fake government documents like a drivers license to get around the rules in the United States, but you can easily present a fake name an burner email. 

Maybe “KYC minimized” would be more correct terminology.