A few years ago, the cryptosphere seemed eager to ditch KYC verification requirements in favour of creating an unfettered economy where users could conduct transactions without incurring tax obligations or worry.
KYC in the cryptocurrency world has become unavoidable for most crypto users as regulators strongly advocate its adoption and implementation in order to safeguard investors against financial fraud and protect themselves against potential investment fraud. KYC implementation helps organizations manage transactions efficiently while tracking criminal activity and avoiding terrorist financing.
Many investors still regard KYC requirements as an obstacle to the Bitcoin (BTC) Standard, which favours anonymous peer-to-peer transactions. Although most crypto exchanges have adopted regulatory guidelines, investors still have the choice to choose those which promote greater anonymity by not imposing KYC processes.
Such exchanges are key for users seeking privacy when purchasing and selling cryptocurrency without divulging their identity. Below are a selection of KYC Free Exchanges:
Binance
one of the world’s premier cryptocurrency exchanges, provides customers with anonymous trading capabilities and protects their funds with state-of-the-art security measures and rigorous data privacy safeguards, such as its 360-degree risk management system and real-time monitoring tools.
Users do not require KYC verification if their daily withdrawal limit falls under 2 BTC, although Binance recently updated their limit to allow users without KYC to make withdrawals of 2000 USDT per day.
The exchange aims to become a licensed financial institution, working closely with government agencies to combat illegal activity. Its user-friendly user interface and a wide variety of features, such as margin trading and various order types, make the exchange suitable for both novices and experienced traders alike.
Binance is registered in Malta and falls outside the jurisdiction of countries like the US or China that require user data for user accounts. Note, however, that while Binance serves U.S. customers indirectly and according to local regulations.
Bisq
Bisq is a decentralized exchange (DEX) where users can buy and sell crypto without identity verification or registration with the exchange. Users are free to trade even without providing personal details, like name or email ID.
Bisq is not a website or offers any centralized services as a peer-to-peer trading network, offering users an unobtrusive interface to trade with other BISQ Network users via simple software they run on either PCs or mobile devices. Bisq’s technology automatically hides wallet information for both parties involved during a trade transaction – providing secure communication without worrying about public key exchange.
Bisq’s decentralized exchange model means no single entity controls it – users maintain its smooth functioning instead. This stands in stark contrast to many centralized exchanges, which are vulnerable to attacks.
Thus, this platform enables users to trade cryptocurrencies without being observed or monitored.
ByBit
ByBit is a P2P cryptocurrency derivative exchange based in Singapore with over 1.2 million registered users and an average daily trading volume exceeding $1 billion per day, demonstrating its depth and capacity to process orders quickly.
The exchange offers users a way to withdraw tokens worth 2BTC daily without needing KYC checks, and signing up is fast and effortless unless they live in one of its restricted countries or the USA. The signup process is fast and seamless!
ByBit provides one of the easiest mobile apps and web-based trading terminals on the market. It boasts features such as one-click coin swaps, unlimited withdrawals, advanced order types, and an enhanced security system. It is registered in the UAE, Taiwan, and Hong Kong, which promotes crypto adoption.
KuCoin
KuCoin is a decentralized crypto exchange that offers spot trading, margin trading, derivatives trading, mining pool, and staking lending. Customers may trade cryptocurrencies either with or without KYC (Know Your Customer), making verification optional for customers trading cryptocurrencies through this platform. As with many exchanges, there are limits placed upon trading amounts and volumes without KYC being completed, but these restrictions tend to be far less stringent on KuCoin than they are on other exchanges.
KuCoin provides users with an easy way to deposit Bitcoin without providing personal details, bypassing time-consuming verification processes required by many exchanges to start trading. Furthermore, users have complete control of all their deposited coins and can withdraw them at any time they desire.
KuCoin Exchange only supports crypto-to-crypto trading pairs and boasts an estimated daily trading volume of nearly $100 million. KuCoin platform offers several notable features, such as its robust API interface, bank-level asset security measures, quick trade matching engine, affiliation programs, and bonuses to ensure users have an extremely safe and efficient trading experience.
Changelly
Changelly is a centralized Altcoin swapping service that does not compel its users to complete KYC or AML before taking advantage of its services. It offers an intuitive platform which enables cryptocurrency purchases directly from bank accounts without providing ID. Users may withdraw up to 2BTC daily without undergoing KYC requirements and can even pair this service with a VPN for added protection.
Changelly offers an extensive range of cryptocurrencies, from the most sought-after ones to lesser-known coins. Users are able to quickly swap between any two coins they choose – something not easily achievable on most exchanges. Transactions are completed in minutes, making Changelly an excellent solution for fast cryptocurrency trading needs.
The exchange provides a user-friendly environment, making navigation effortless. Users can quickly locate what they need to complete transactions in a few simple clicks.
ShapeShift
ShapeShift was launched as a cryptocurrency exchange in 2013 in Switzerland and quickly established itself as an industry leader due to its decentralized model that allows users to buy or sell cryptocurrency anonymously without identity verification. Thanks to its user-friendly user interface and comprehensive payment options, Shapeshift makes trading cryptocurrency easy for anyone seeking an anonymous trading experience.
Shapelift does not require users to create accounts or provide personal details, like an email address or password. Customers can pay with various cryptocurrencies, while all major credit and debit cards can also be used as payment options.
Users can easily convert BTC or other cryptos to Ethereum without the need for a third-party exchange, then buy tokens by simply sending their ETH to a smart contract address. Furthermore, the exchange allows users to easily create digital wallets in seconds for storage of their crypto assets and keep a majority of it cold wallets in order to reduce theft risk.
1InchExchange
1Inchexchange is an ERC20 token DEX aggregator and one of the top non-KYC exchanges, providing optimal exchange rates by splitting orders among other DEXs and private liquidity providers rather than operating itself as a traditional exchange.
Integrating Web3 wallets is simple, and exchanging ERC-20 tokens at competitive prices is made even simpler through order splitting across various exchanges to find the optimal price point for whole transactions.
By consolidating DEX order books and restricting transaction volume, 1InchExchange ensures high liquidity at exceptional rates without trading, deposit or withdrawal fees. Furthermore, its innovative Liquidity Protocol enables yield farming capabilities. Traders without KYC requirements or access restrictions can connect using Metamask or any wallet which supports Crypto wallets to 1InchExchange directly.
CoinEx
CoinEx, established in 2017, offers trading of over 500 tokens, such as its CET token, across 860 trading pairs. A KYC verification procedure may only be required from users wanting to withdraw more than $10,000 within 24 hours.
CoinEx provides American investors with access to various tools and features, including fiat currency trading, swap market participation and crypto mining. Furthermore, CoinEx also provides futures trading in addition to spot trading; only a handful of platforms provide this service to American investors.
CoinEx charges a standard trading fee of 0.2%, which is considered fair by industry standards. Furthermore, larger trade volumes receive preferential terms on CoinEx.
Bottom Line
Non-KYC crypto exchanges often offer limited trading value, token access, and services that put investors at risk of permanently losing their funds. Therefore, when trading non-KYC platforms, it becomes essential to monitor both their track record and who manages them closely.
