Benefits of no KYC crypto exchange

What is KYC?

In the banking and crypto industry, KYC stands for “Know Your Customer” or “Know Your Client.” The obligation imposed on financial institutions to carry out particular identity and background checks on their users before granting them access to their platform or product is referred to.  Regulators use this system as part of a bigger collection of tools to combat money laundering and fraud worldwide.

Is there any benefit of non-KYC platforms?

Although KYC policies on major cryptocurrencies are aimed at fighting money laundering, it undermines users' privacy.

Non-KYC exchanges provide users with privacy and anonymity to trade cryptocurrency, especially for people who don’t trust centralised platforms to keep their identity safe online.

Best no KYC crypto exchange

There are a lot of cryptocurrency exchanges available that allow trades without performing KYC and AML checks, offering complete privacy and anonymity. To protect yourself from fraud and scams, you should exercise extreme caution while selecting a cryptocurrency exchange and looking into its history.

1. Bybit-best no KYC crypto exchange

Bybit is one of the most well-known derivatives exchanges, and if KYC were implemented, it would gain much more traction. They merely require an email address and password for users to sign up and trade more than 400 coins. The only restriction of joining Bybit without KYC is that you can only withdraw a maximum of 2 Bitcoin per day (BTC).

2. Binance

This is yet another top cryptocurrency exchange that does not require KYC; it accepts all Altcoins and allows users to access it anonymously. With Binance, you may trade, withdraw money, and make deposits without having to update KYC for every user, and you can withdraw up to two bitcoins every day.

3. PrimeXBT

One of the decentralized exchanges without KYC and trade restrictions is PrimeXBT which provides trading services for stocks, cryptocurrencies, FX, and leverage. Most trading assets are based on Bitcoin, and you can trade them without having your KYC verified.

4. Changelly

A centralized Altcoin trading business called Changelly does not force you to comply with KYC or AML requirements in order to use its services. 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.

Why Would Anyone Want to Avoid KYC?

Many people want to avoid KYC to stay anonymous on the crypto market. Non-KYC crypto exchanges let crypto investors manage their private keys. It ensures that they don’t control a user’s funds and can’t watch their transactions.

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