Top 8 Crypto Exchanges That Don’t Require KYC in 2022

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A few years ago, the cryptosphere seemed eager to eliminate the burdensome KYC verification process to give rise to a new type of economy, where users can avoid the watchful eyes of tax agencies and transact without restrictions.

However, KYC in the cryptocurrency world has become an unavoidable reality for most crypto users as regulators continue to strongly advocate for the adoption of KYC and Anti-Money Laundering (AML) implementations to safeguard investors’ safety and protection against financial fraud. KYC is widely used by organizations to manage transactions, track criminal activity and avoid terrorist financing.

But many investors still believe that the KYC requirement is a barrier to the Bitcoin (BTC) Standard, which has favored anonymous peer-to-peer transactions. Although most crypto exchanges have begun to adopt regulatory guidelines, investors have the option of choosing crypto exchanges that encourage greater anonymity by not imposing KYC processes.

Such exchanges are essential for privacy-conscious users who want to buy and sell cryptocurrencies without revealing their identity. Following are some of the best KYC Free Exchanges.

Binance

Binance, one of the largest cryptocurrencies ensures customers’ anonymity and protects their money with state-of-the-art security measures and strict data protection measures. This includes a 360-degree risk management system, real-time monitoring and advanced data protection tools.

Users do not need to complete KYC if their daily withdrawal limit is less than 2 BTC. Binance recently updated the daily withdrawal limit for no KYC users and now they allow daily withdrawals of 2000 USDT for users who have done so basic verification.

The exchange is striving to become a licensed financial institution, so that it can work closely with government agencies to crack down on illegal activity. The simple and intuitive user interface of the switchboard makes it very user-friendly. The exchange offers a range of features, including margin trading and various order types, making it suitable for both beginners and experienced traders.

Binance is registered in Malta and is outside the jurisdiction of the US, China or other countries that require user data. However, it is worth pointing out that although Binance serves US customers, it does so indirectly and in accordance with local regulations.

bisque

Bisq is a cryptocurrency exchange that offers a decentralized exchange (DEX) where users can buy and sell crypto without identity verification. The exchange does not require name or email ID and users can make a trade even without registering with the exchange.

Bisq is not a website and does not offer any centralized services because it is a peer-to-peer trading network. Users can connect and transact with other BISQ Network users using simple software that they run on their PC or mobile device. Bisq automatically hides the wallet information (such as public keys and such) to both parties involved in a trade.

Since Bisq is a decentralized exchange, no one can control it. Users maintain the control panel as no external device is required for it to function correctly. This is in sharp contrast to most other exchanges, which are centralized and therefore much more vulnerable to attack.

Thus, the platform allows users to trade cryptocurrencies without fear of being tracked or monitored.

ByBit

ByBit, a P2P cryptocurrency derivatives exchange based in Singapore has approximately 1.2 million registered users and specializes in perpetual swaps. The exchange has an average daily trading volume of more than $1 billion, indicating the platform’s market depth and capacity to execute orders quickly.

The exchange allows users to withdraw tokens worth 2BTC daily without needing any KYC. Users can register from any part of the globe unless they live in a sanctioned country or the United States. The registration process is quick and hassle-free.

The platform offers one of the most intuitive mobile apps and an online trading terminal. It has features like one-click coin exchange, unlimited withdrawals, advanced order types and an advanced security system. ByBit is registered in the UAE and has offices in Taiwan and Hong Kong, countries promoting crypto adoption.

KuCoin

KuCoin is a decentralized crypto exchange specializing in spot trading, margin trading, derivatives, mining pools, staking and lending. The exchange allows customers to trade cryptocurrencies with or without completing KYC by making verification optional. Like most exchanges, KuCoin also has a limit on trading amount and volume without completing KYC. However, the restrictions are far less strict than for other crypto exchanges.

KuCoin allows users to deposit Bitcoin directly into an account without the need for personal information, allowing them to skip the time-consuming verification procedure many exchanges require to start trading. Users also have full control over all deposited coins and have the option to withdraw them whenever they want.

The exchange only supports crypto-to-crypto trading pairs and has a daily trading volume of close to $100 million. The KuCoin platform offers several different features, including a robust API interface, bank-level asset security, a fast trade matching engine, affiliate programs and bonuses and aims to provide users with a highly secure and efficient trading environment.

Changelly

Changelly is a centralized Altcoin exchange service that does not force users to complete KYC or AML to use its services. It offers a user-friendly service that enables users to buy cryptocurrency directly from their bank account without providing their ID. Users can withdraw tokens worth 2BTC daily without needing any KYC. Users can use this service in conjunction with a VPN for additional protection.

Changelly offers a wide range of cryptocurrencies, including the most popular ones where users can exchange any cryptocurrency of their choice, which is not possible on most other exchanges. Transactions are completed within minutes, making the platform a convenient option for those who need to exchange cryptocurrency quickly.

The exchange offers a simple layout for easy navigation. Users can quickly find the options they need to complete their transactions with just a few clicks.

ShapeShift

Shapeshift is a cryptocurrency exchange founded in 2013 and based in Switzerland. The exchange transformed from a centralized to a decentralized company and allows users to buy or sell crypto without verifying their identity. With its simple user interface and wide selection of payment options, the exchange is a user-friendly and practical option for those who want to trade cryptocurrency anonymously.

Shapelift does not require users to create accounts or provide personal information such as an email address or password. It allows customers to pay with a wide variety of cryptocurrencies and offers various payment options, including all common credit and debit cards.

Users can easily convert BTC or other cryptos to ETH without an intermediary exchange and then purchase the token by simply sending ETH to a smart contract address. The exchange allows users to create a digital wallet in seconds to store crypto and keeps a majority of crypto in cold crypto wallets to reduce the risk of theft.

1InchExchange

1InchExchange is a DEX aggregator and one of the best non-KYC exchanges for ERC20 tokens. To find the best exchange rates, it shares orders between other DEXs and private liquidity providers rather than acting as an exchange itself.

It’s easy to connect to a web3 wallet and then exchange ERC-20 tokens at the most competitive rates. In order to achieve the best price for an entire transaction, the exchange further splits orders across different exchanges.

By combining DEX order books and limiting the number of transactions, the exchange ensures high liquidity and excellent prices with no trading, deposit or withdrawal fees. With the new 1-inch liquidity protocol, users can now perform yield farming. To trade without KYC, users can connect to 1InchExchange using Metamask or another wallet that supports Crypto wallets.

CoinEx

Founded in 2017, CoinEx allows trading of more than 500 tokens, including the CoinEx token called CET, and over 860 trading pairs. The KYC verification procedure is only required from users who wish to withdraw more than $10,000 within 24 hours.

The platform offers a variety of tools and features that include fiat currency trading, an exchange market, crypto mining, etc. CoinEx offers futures and margin trading in addition to spot trading, only a few platforms offer these services to US investors.

CoinEx charges a standard trading fee of 0.2%, which is a decent amount. Large trading volumes are also rewarded with favorable terms on CoinEx.

The bottom line

Limitations apply to the trade value, available tokens and other services offered by non-KYC crypto exchanges, and such exchanges may expose investors to the risk of permanently losing their funds. Hence, it becomes important to monitor the track record of the platform and the people running it when trading on non-KYC platforms.