But they don't have to enforce KYC if they don't deal with fiat deposits / withdrawals. There is no bank account to shut down, no relationship with the compliant world to lose.

The business earns fees in sats and can pay its employees in sats, which they can subsequently sell for fiat cash flow as their income, without any links to the business that paid them. Sounds like a perfect business model for operating purely in the Bitcoin economy. They don't even have to be registered as a company.

Did I miss something?