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- 1 Non-KYC exchanges are hugely popular among crypto users who don’t like to share their personal information.
- 2 Many trading platforms don’t conduct KYC and allow people to buy and sell crypto without any verification.
Know Your Customer (KYC) has become a mandatory procedure in many industries that directly serve customers. It is a vetting process that checks the background of customers going a join a certain platform. Especially, if they involve any sort of monetary transactions. Now on the face of it, the process seems just. It prevents people with a notorious background from accessing the services.
As a result, it averts the possibilities of fraud, money laundering, terror funding, etc. However, on the other hand, it exposes the personal information of several individuals at risk. Notably, the KYC procedures usually don’t have any transparency.
No one knows who checks the information and who they are sharing it with. Now, it’s mostly not a big deal with the users of centralized services. However, it’s a non-compromising factor for many crypto users. That’s because anonymity and security are the reasons behind opting for digital assets.
Thankfully, non-KYC crypto exchanges have become quite prevalent in the crypto community. These platforms allow crypto users to trade with digital assets without going through this procedure. Many new digital asset users aren’t still aware of them. So, let’s delve deeper into non-KYC exchanges and find out what they offer.
Exploring Non-KYC Exchanges & Their Possibilities
These exchanges let crypto users join without sharing important personal details. They just take the essentials like the name and wallet address. Besides that, they don’t need users’ email addresses, phone numbers, or any govt-recognized credentials. They rule out any possibility of users’ details getting shared with any third party.
For obvious reasons, they have earned huge popularity among crypto users too. Yet, one must be thoughtful about the existence of KYC too. It was introduced to eliminate the possibilities of fraud and crypto space is not aloof from that. The crypto industry witnesses several scams and forgeries every year.
So, does that mean non-KYC exchanges should discontinue this practice? Well, most probably, the users will know about it in the next couple of years. As the world gets ready for regulated crypto trade and usage, the possibilities of KYC only get more prominent.
At least that’s what most experts think and is quite logical thinking. Nonetheless, it’s hard to predict the future of non-KYC exchanges. They may continue to exist or they may be forced to adapt to new practices. Crypto users won’t be able to change, but they can take advantage of these exchanges right now.
There are quite a few things non-KYC exchanges operating now. Let’s know about them and see what else they offer.
Popular Non-KYC Exchanges in Crypto Space
The following platforms are known for not conducting KYC and delivering great services.
MEXC
MEXC is a leading exchange that doesn’t make KYC mandatory. It does have the procedure in place but doesn’t make it necessary. Nevertheless, users should know that it comes with a condition too. The unverified users can withdraw only up to 5
BTC in 24 hours.
Those who aren’t affected by this condition enjoy many other features of this feature-laden exchange. It offers P2P trading, futures, spot, leveraged ETFs, and saving products to its users.
CoinEx
CoinEx lets crypto users enjoy a wide array of investment products without a KYC. It offers future, margin, spot, and other products while making 600 assets available. The platform operates in North America, Europe, and Australasia. Moreover, it charges low trading and gives rewards too.
dYdX
This exchange is popularly known for delivering ease of accessing it. Users just need to connect with the non-custodial wallet to join the exchange. Thus, the process of KYC does not exist on this platform. It is compatible with many other wallets like Coinbase Wallet, Trust Wallet, and MetaMask. This hybrid exchange isn’t available in the US, UK, Canada, and Australia.
Bybit
Bybit also lets customers skip KYC on some conditions. Those who don’t go through it have a daily withdrawal limit of 20,000 USDT. Furthermore, the exchange makes it clear that it can make KYC mandatory to approve withdrawal requests. It offers an extensive range of services including ETH 2.0 staking, liquidity mining, savings accounts, etc.
PrimeXBT
PrimeXBT prioritizes users’ privacy and hence, doesn’t mandate KYC. Yet, it has the right to verify customers’ identity whenever it wants. The platform gives its traders access to various products like stock indices, commodity CFDs, forex, etc.
Conclusion
Non-KYC exchanges are letting crypto users enjoy anonymity to the fullest. By doing away with this process, they gain the trust of digital asset enthusiasts. They make the trading environment more reliable for everyone. The crypto community hopes that non-KYC platforms will become more prevalent. However, only time will tell if this practice will last or not.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
