In the banking industry, KYC stands for “Know Your Customer” or “Know Your Client.” The obligation imposed on financial institutions (or, in the world of cryptocurrencies, exchanges) to carry out particular identity and background checks on their users before granting them access to their platform or product is referred to.
KYC is generally used to 1) Observe transactions. 2) Follow criminal activity (such as money laundering). 3) Defend against terrorism financing. As long as the business you are dealing with has privacy and security measures in place to secure your information, the Know Your Customer procedure is safe.
A cryptocurrency exchange can use KYC to ensure that customers are authenticated before they can trade on their platform. This is done to prevent criminals from creating fake accounts on cryptocurrency exchanges and transferring stolen funds.
There are a lot of cryptocurrency exchanges available that allow trades without performing KYC and AML checks, offering complete privacy and anonymity. They include; 1) Bybit. The only restriction of joining Bybit without KYC is that you can only withdraw a maximum of 2 Bitcoin per day (BTC). 2) Binance - The exchange does not require KYC; it accepts all Altcoins and allows users to access it anonymously.
3. PrimeXBT - It provides access to many crypto trading pairings such as Ripple, Litecoin, EOS, ETH, and BTC. Most trading assets are based on Bitcoin, and you can trade them without having your KYC verified. 4. AAX - AAX offers spot trading, futures trading, and an OTC service desk and is run by LSEG Technology, which makes transactions extremely quick.
5. Changelly - You don’t need to register for their services or submit ID verification. You can also utilize a VPN in conjunction with this service for increased security. 6. BaseFEX - The exchange focuses on trading derivatives and provides trading in futures using Bitcoin. EOS, BNB, XRP, BCH, ETH, and BTC all have swap contracts available.
7. 1InchExchange - You can use it as a DEX aggregator to find the best prices from decentralized exchanges like Uniswap, Sushi, and others. 8. MEXC - The platform offers several friendly including free $25 USDT plus 10% off trading fees, over 1,520+ coins, 2,110+ trading pairs, spot, margin, and futures trading available
9. Bitfinex - Its known to provide the industry’s deepest liquidity order books and unmatched levels of customer service. the platform allows trading, derivates, funding, securities, and margin trading 10. KuCoin - The exchange features a number of high-caliber crypto projects and is an expert in lending, staking, derivatives, mining pools, spot trading, and margin trading.
11. Kraken has four levels of verification and provides institutional account management, an OTC desk, and other services. However, you are only able to withdraw $5K and $1M every hour, respectively, without KYC. 12. Bisq is entirely decentralized and requires no personal information from you—not even your name. Using Tor, Bisq is very secure and doesn’t keep any Bitcoin or fiat money on the server.