| KYC procedure is beyond the collection of names and emails. There are times users are made to send their I.D cards and photos. Not just that, you can be asked to provide a piece of paper showing the transaction date. But there are exchange platforms that allow you to bypass the difficult conditionality.
Without further ado, you will have everything you need to know about no KYC crypto exchange. But before we get started, what do we mean by KYC in crypto exchange.
What is KYC in Crypto Exchange?
Many wish to remain anonymous with their cryptocurrency transactions. But the truth is that it is hard to do with the KYC (Know Your Customer) procedure.
With the KYC procedure, personal data is garnered from each cryptocurrency transaction. Ordinarily, there is no cause for alarm with the procedure. And oftentimes, cryptocurrency exchange information is made public with the user is consent. But it is more than that. Users are often to provide ID, pictures, and papers showing the exchange date. When you think about it, it is a no-brainer that many users love to bypass the KYC procedure. Crypto is designed to make things easy, not hard with stringent conditionalities. That is when the no KYC crypto exchange came in.
How Does KYC Work in Crypto Exchange?
Although KYC in crypto exchange works differently. But some of the basic information you need for the KYC procedure includes date of birth, physical address, photo of valid, I.D. issued by the government and your social security number. Your means of identification could be a driver is license, state ID card, or even your passport.
After all the aforementioned information has been provided, it will be used to verify your identity. The verification can take minutes or even several working days depending on the kind of exchange you made. There are scenarios where a crypto exchange demands additional verifications. When that happens, you will need to provide your address and picture.
Is it Possible to Have a No KYC Crypto Exchange?
Of course. You can have a no KYC crypto exchange. But when the risk outweighs the difficulty that comes with the KYC procedure. These options vary. You can make a crypto transaction without KYC regulations by opting for the following options:
● Bitcoin ATM
● A decentralized exchange: In a simple term, this involves an exchange without a central organization’s regulation. Decentralized exchanges are in two options namely peer-to-peer marketplaces and automated market makers (AMMs).
Peer-to-peer marketplaces allow you to buy and sell cryptocurrency offers on a platform. As mentioned earlier, you have to be extremely careful. Avoid deciding on random Peer-to-peer marketplace platforms. Ensure that you make findings before you choose.
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