Let’s be real. The promise of Bitcoin, the promise of decentralized finance, was always about creating more economic opportunity and equality and leveling the playing field. About giving power back to the people. A closer look at today's crypto exchanges reveals a harsh truth: that promise is being undermined by a glaring lack of inclusivity. While the tech is far ahead, we’re being far too exclusionary and leaving a lot behind.

Language Barriers Shut Doors

Think about it: the crypto world is already intimidating enough with its jargon and complex concepts. Now, picture trying to maneuver that legal minefield in a language that’s not your first. For millions of Americans—as well as billions around the world—English is not their native language.

Exchanges often offer limited language support. This isn’t some petty annoyance this is an actual barrier to entry. How can someone make informed decisions about their investments when they struggle to understand the terms and conditions, the trading platform, or even the security protocols?

It’s not just about translation. It's about cultural relevance. What is perfectly clear in a simple English-language notification may make a native speaker hesitate or second guess themselves. Someone from a different cultural context might be utterly perplexed. Are exchanges truly considering these nuances? Are they leading the charge in investing to create localized experiences that truly empower every user, no matter their language? I doubt it.

This isn’t solely the right thing to do, it’s just good business. By ensuring that non-English speakers can fully engage with their exchanges, exchanges can take advantage of this massive potential user base. The moment has arrived for multilingual support to begin being treated as a basic table stake. Exchanges need to open their arms wide to really live up to being inclusive.

Digital Divide Deepens Inequality

We like to pat ourselves on the backs for democratizing finance, but what about the people who can’t even get consistent access to the internet? Perfect for most, particularly those in developing countries where regular, reliable, and cheap access to the net is a dream rather than a reality. This digital divide adds a prohibitive cost of entry for those looking to participate in the crypto market.

Even if someone does have internet access, the quality might be so poor that they struggle to use complex trading platforms or complete KYC verification processes. Just think about fighting an awful connection while uploading your time consuming documents. Now imagine the heartburn of seeing that necessary trade fall through because of a missed signal. It’s touch tone, demoralizing and finally it shuts out the people who stand to benefit from real financial empowerment.

So, what's the solution? Are exchanges actively collaborating and creating partnerships with anchor institutions to truly accomplish the goal of closing the digital divide? Have they created lightweight, low-bandwidth versions of their platforms that work on older devices suitable to these communities? Or are they just leaving the issue unaddressed, happy to serve a richer, more digitally engaged customers?

This is a technical challenge, but a moral imperative. We need to do much better to close the digital divide. Only then can crypto live up to its potential for financial inclusion.

KYC/AML Bias is Real

KYC (Know Your Customer) and AML (Anti-Money Laundering) regulations are vital lines of defense against fraud and illegal activity. The truth is that these regulations are actually quite discriminatory in nature.

The current KYC/AML process often relies on traditional forms of identification, which can be difficult or impossible for marginalized communities to obtain. Refugees, undocumented immigrants, and people experiencing homelessness may not have the required documents to prove their identity. This essentially locks them out of the crypto market entirely. Consequently, they lose the opportunity to engage with the financial system in a way that would help them lead better lives.

These are not theoretical concerns Some KYC/AML algorithms show significant racial bias. They disproportionately target people of certain ethnic or racial backgrounds as high-risk. This is not just inequitable but it exacerbates current disparities.

That’s why we need to fight for more transparency and accountability in KYC/AML practices. As a start, exchanges should work to identify alternatives to government-issued id, including using biometric data and decentralized identity solutions. To start, they must regularly and proactively audit their algorithms for bias and be willing to mitigate any discriminatory impact these algorithms produce.

The current system is broken. It’s overdue to radically rethink our basic approach to KYC and AML. We must commit to being inclusive and fair, while continuing to keep our nation secure.

Exchanges such as Kraken, Gemini, and Coinbase have great security standards and user-friendly interfaces. In order for them to pass, they need to do better than their current efforts and strive for real inclusivity. Adding a thousand altcoins with BitMart is very impressive. All of that is useless if a huge swath of the country is unable to use the platform.

We need to hold these platforms accountable. And then we need to hold their feet to the fire and ensure they’re focusing on inclusivity over profits. The future of crypto depends on it.

The crypto community should be on high alert ⚠️ Deep decentralization requires a clear-eyed, demanding commitment to social good. It’s high time that we stop designing our financial system around the needs of a privileged few and start putting everyone—especially marginalized communities—first.

Let's make sure that the next billion crypto users aren't just the wealthy and tech-savvy, but the marginalized, the underserved, and the forgotten. Together, we can create a more inclusive crypto future and prosper together as we do it.