Why is Mexc asking for KYC?

I've been trading cryptocurrencies on Mexc for quite some time, and suddenly they're asking for Know Your Customer (KYC) information. I'm a bit puzzled as to why they're doing this now, especially since I've never had to provide such information before. Is it a regulatory requirement? Are they trying to comply with some new laws or regulations? Or is it just a way for them to gather more personal information about their users? I'm curious to know the reason behind this request and how it might affect my trading experience on the platform. Could you clarify this for me?