Exchange Crypto No KYC: Advantages and Disadvantages

Due to government pressure, there are some private platforms that require users to share their data for transfers. However, there are ways and platforms to exchange crypto no KYC.

What Is KYC In Cryptocurrency?

Along with AML (Anti-Money Laundering) directives, the KYC concept is key to establishing controls that facilitate transactions, increase cryptosecurity, and prevent the fraudulent use of these measures.

Crimes such as identity theft, money laundering, terrorist financing, organized crime, and tax fraud are on the lookout for vigilantes. Complying with KYC requirements makes cryptocurrency transactions more secure, which improves their overall financial situation.

The purpose of KYC in cryptocurrency is to prevent illegal use of cryptocurrency and track transactions that may indicate a crime.

At first, cryptocurrencies were a safe haven for anonymity. But with mass adoption, the rise of stablecoins, and the rise of individual and institutional fraud, including money laundering and terrorist financing, lawmakers have stepped in and implemented KYC (such as AML) requirements and regulations for cryptocurrencies.

KYC rules and policies are now required for cryptocurrency companies to properly screen users.

That is why there is almost no exchange crypto no KYC. Today, very few people buy cryptocurrency without KYC, and few cryptocurrency exchanges are unregulated, as many transactions require compliance with the KYC process, especially when it comes to fiat currencies.

KYC Process in Cryptocurrencies

Cryptocurrency companies around the world have different KYC requirements depending on the jurisdiction they belong to. To ensure compliance with KYC standards, cryptocurrency exchanges must:

• Identify customers by collecting their personally identifiable information (PII), such as full name, residence, date of birth, and address.
• Compare the above information with official documents the person has presented, such as a government-issued passport, ID card or driver’s license, and proof of residence, such as a utility bill.
• Find the identity of the client in official databases that contain personal data of PEP and sanctioned.

Financial institutions must take these steps to determine if customers are at risk of money laundering and financial crime through the use of virtual currencies. As long as everything is in order, clients can use cryptocurrency exchanges for certain activities.

Although it is a blockchain-based industry, AML and KYC have become important elements in crypto transactions. Regulators around the world are cracking down on cryptocurrency exchanges without KYC policies.

As a result, there are very few companies where exchange crypto no KYC are suitable for cryptocurrency exchanges, as the regulatory measures put in place require cryptocurrency companies to have strict AML procedures in their licensing requirements.

The Benefits of Exchange Crypto No KYC

One of the main advantages of exchange crypto no KYC is the ability to trade on different platforms without providing personal data to the exchange. This approach also eliminates the risks associated with taxes, making it easier to complete transactions without weighing the treasury.

This is a favorable point because in most countries there are no regulations on cryptocurrencies, allowing states to fall significantly ahead of cryptocurrency earnings and investments.

It is also worth mentioning that one of the advantages of exchange crypto no KYC is data protection, since there are cases of theft of information in transactions where hackers can access sensitive information about personal data, credit cards, or even the location of the user.

Disadvantages Of Exchange Crypto No KYC

The main disadvantage of an exchange crypto no KYC is that users often have to pay higher fees when making transactions, and receiving and withdrawing money is generally limited in terms of volume and period of movement.

Taking Binance as an example, unverified users can only withdraw up to 0.06 BTC per transaction per day, while verified users can withdraw up to 100 BTC per day.

Please note that KYC verification is primarily for users who opt for credit and debit card transaction options. If KYC details are not filled in, those who want to make large transactions on a regular basis will also suffer to exchange without KYC verification.

CoinEx

CoinEx is a major Bitcoin and cryptocurrency exchange based in Hong Kong and established in December 2017. It is ideal for both beginners and professional traders as it has many investment tools available such as spot trading, margin trading, and contracts.

One of the main advantages of CoinEx over its competitors is that it allows you to trade futures without KYC, whether they are linear futures or inverse futures. It also allows you to buy and sell cryptocurrencies.

CoinEx was created by ViaBTC Trading Group, a cryptocurrency mining fund that is considered a market leader. The exchange belongs to an open and mature ecosystem consisting of the CoinEx Chain, a decentralized public trading chain, and ViaWallet, a digital currency wallet known for its security and convenience.

The exchange features an exclusive trading machine system, a proprietary matching engine that makes trading faster and safer. It also strives to provide a good user experience.

As revealed on its website, the company’s core team members are pioneers and experts in the field of cryptocurrencies, so they were able to contribute to the development of a platform that would meet the needs of the most demanding customers.

CoinEx operates in more than 100 countries and is very popular in Latin America. Its CET token is based on the CoinEx business ecosystem. Users who get this token receive various benefits such as reduced fees, special customer service, faster withdrawals, and more. CET can be exchanged for other currencies or tokens.

The exchange is liquid and offers users multiple languages. It currently has more than 264 active cryptocurrencies and 500 trading pairs.

Exchange Crypto No KYC – KuCoin

KuCoin is an exchange born in Singapore. With more than 370 cryptocurrencies, it is one of the most extensive exchanges on the market. This includes their native KCS token, which is lower in price and generates rewards. The verification process is optional and people only need an email address to buy cryptocurrency.

With KuCoin, you can access projects that are not available on major exchanges such as Binance and Coinbase. It allows you to predict and win coins for big wins. You can withdraw 5 BTC every 24 hours without KYC and 100 BTC in 24 hours with KYC.

LocalCryptos

At LocalCryptos, users trade with each other. The platform allows you to buy and sell cryptocurrency using a non-custodial wallet and a non-custodial system powered by smart contracts.

Although much more secure, LocalCryptos is designed to look and feel like a normal trading platform, so you don’t need to be an expert to trade.

Using a peer-to-peer marketplace without a release means that you do not have your cryptocurrency keys even during the transaction. LocalCryptos does not charge any withdrawal fees from your wallet.

Exchange Crypto No KYC – Changelly

Changelly is a platform created in 2015 for the exchange, purchase, and sale of bitcoin and other tokens. The company’s goal is to offer an ecosystem of products and services that allow anyone to trade digital assets in a simple and intuitive way, thus contributing to the mass adoption of bitcoin and other cryptocurrencies.

This exchange platform stands out for its simplicity, which contributes to a good user experience. If you are starting out in the world of cryptocurrencies, Changelly can be useful to you, since you do not need to be an expert to operate on it.

According to data from its website, Changelly has three offices, one of which is located in Hong Kong. Currently, its monthly traffic is two million users, and it has more than 200 cryptocurrencies and tokens.

Under certain circumstances, the platform requests KYC (Know Your Customer) verification from its users in order to avoid crimes and comply with the laws and regulations of the countries where it provides its services.

Not everyone needs to do this check, just people Changelly considers to be high risk, for which an algorithm is used to calculate the risk score.

Bybit

This exchange was established in 2018, and is based in Singapore. People like to trade through the Bybit crypto exchange because they have a lot of amazing features to offer. Traders who are experimenting with margin trading could use this platform.

They simply require an email address and password for users to sign up and trade over 400 coins. The only restriction to join Bybit without KYC is that you can only withdraw a maximum of 2 Bitcoins per day (BTC).

Other aspects of this exchange such as Crypto Staking, NFT Marketplace, NFT Wallet, and many more are also accessible without KYC.

The downside of Bybit is that it is not available to US residents, as it blocks access to US IP addresses. However, since KYC is not required, if you really want to use Bybit, you can download a VPN and set the location to Australia, where Bybit is accepted.

Learn more about this type of exchanges on our site NoticiasDiarias24