Only the sender. When you create an account on Bull Bitcoin you must KYC. I used my grandma details anyways, so I don't give a shit. KYC doesn't bother me in terms of how many people think is KYC - "govs will know about your trades"... that's bullshit. KYC means your personal data is in databrokers hands from the first second you put it online. The exchange is not even storing that data, is a 3rd party dealing with.

There's NO WAY to use fiat without KYC, you are KYCed in any aspect when you touch fiat.

Listen this amazing podcast episode from Darknet Diaries about databrokers and KYC data... https://darknetdiaries.com/episode/162/