Does XT.com need KYC?

Could you please elaborate on the necessity of Know Your Customer (KYC) verification for users on XT.com? As a platform operating in the cryptocurrency and finance space, do XT.com adhere to regulatory requirements that mandate KYC procedures for its users? Additionally, what are the potential benefits or drawbacks of implementing KYC for XT.com's users and the platform itself? Lastly, how does XT.com's KYC process work, and what information is typically required from users to complete the verification?