Best Cryptocurrency Exchanges with Relaxed KYC Policies
Cryptocurrency is all about protection of privacy, personal data and your identity, however, with the rising popularity of cryptocurrency usage and crypto trading, new regulatory trends are emerging as a way to prevent illegal and illicit activities as well as protect users’ interests. One of the key features for assuring fast, viable and truthful identity verification is KYC, also known as Know Your Customer.
AML is another compliance feature working on tracing actions and transactions on the blockchain in order to prevent money laundering, which otherwise may be difficult due to the fact that cryptocurrency users can anonymously send their purchased crypto units. KYC is actually a part of any verification of identity performed by financial institutions and as such doesn’t actually described the technological identity of cryptocurrency handling which is made to keep the middleman out of the equation – still, regulators are imposing KYC and AML to make sure that the overall spending of cryptocurrency is at least partially monitored.
This is how many popular exchanges that deal with cryptocurrency and that are already regulated are required to integrate KYC and usually AML as well, into their verification process. However, there are still prime crypto exchanges that are safe and secure for users but have relaxed KYC and AML policies.Here is the list of best cryptocurrency exchanges with relaxed KYC policies.
KYC-based verifications take time to get completed and are usually slowing down the process of account creation on cryptocurrency exchanges, while most countries don’t even require KYC compliance when it comes to the way crypto exchanges are operating. The lack of KYC doesn’t jeopardize the security or safety of crypto users in any way, while it is mostly created to help governments track the way cryptocurrency is being handled in various markets where digital assets are being sold.
Tokens.net is one of exchanges dealing with cryptocurrency that has no KYC or AML policy, but has legal and valid operations at the same time, allowing their users to enjoy the perks of instant trade orders and cryptocurrency trading. Tokens.net European exchange even allows cryptocurrency-based loans through their Crypto Loan service all without the tiring and often long process of KYC and AML verification. As KYC and AML doesn’t have anything to do with technological architecture of Tokens.net exchange, the lack of KYC compliance doesn’t affect users in any negative way.
With ultimately relaxed KYC policy on Tokens.net, users can enjoy all the trading tools for beginners and experienced traders while gaining access to key cryptocurrency metrics without having to go through KYC verification process prior to starting with crypto trading. Users data are to remain protected and secured on Tokens.net without KYC or AML, as the exchange is operating in compliance with GDPR (General Data Protection Regulation).
With relaxed KYC policy, Tokens.net users may create their accounts in a simple, fast and easy manner and start using the perks of highly accessible cryptocurrency information and key data, as well as gain access to top cryptos and ERC20 tokens, including the native token for fee settlement, DTR. Tokens.net exchange also hosts ICO projects and offers two different programs, one of which is free and includes community voting.
- Fully relaxed KYC policy – no KYC or AML verification needed to start trading
- Low fees
- DTR tokens are used for fee settlement
- Mobile app for trading available for users
- Suitable for beginners and experienced traders
- The number of added coins and tokens is gradually growing
- Transparent and highly accessible key metrics for all listed cryptocurrencies
- Limited number of payment methods
KuCoin is most certainly one of the more popular cryptocurrency exchanges despite the fact that the exchange wasn’t launched before 2017. Previously having complete absence of KYC compliance on the exchange, KuCoin announced the arrival of KYC back in 2018, however, KuCoin’s KYC policy is relaxed, which means that it is not necessary to verify your identity through Know Your Customer process in some cases and still be able to trade, make deposits and withdraw your funds from the exchange.
KYC account users who fail to meet these standards are do not complete KYC verification process, will be restricted in the sense of the amount they can withdraw in a given period of time. Users who don’t go through KYC verification on KuCoin exchange may only withdraw 2 BTC. Users of the exchange can complete KYC verification at any time by logging into their personal accounts, while KuCoin representatives claim that KYC is being added to the platform to assure that the exchange is working in accordance with active regulations imposed by governments.
KuCoin has over 300 different tokens, and a wide range of different cryptocurrencies listed on the exchange, so users have a lot of options for trading and investing in digital assets. Users who decide to verify their identity through KYC are able to remove the withdrawal limit and increase the amount they can take from their account. However, KuCoin traders still have to complete 2F verification and answer their security question to be able to complete their withdrawal.
- Relaxed KYC policy - traders can buy and sell cryptocurrency without performing KYC verification
- A large scope of different cryptocurrencies and tokens
- The exchange provides support and listings for less popular tokens with the ability to see the potential in less known or unknown tokens and digital assets
- No fiat currencies accepted on the exchange
- The exchange may experience crashes during high traffic volumes due to low scalability
- Different fees for different coins – certain cryptocurrency assets are far more expensive as opposed to other listed assets when it comes to trading fees
Based in Russia, Mercatox is another exchange for buying and selling cryptocurrency that has completely relaxed KYC and AML policy – these types of verifications are not at all necessary for users of Mercatox exchange accounts. Mercatox also supports ICO projects, backed by community voting, as well as providing support for airdrops.
Trading fees on Mercatox exchange are cost-effective so users are only paying 0.25% on all trading fees. Although KYC verification is not necessary, daily withdrawal limits are applied on accounts without KYC verification. The limit with no verification is set to 0.5 BTC per day.
- Low trading fees and withdrawal fees
- A substantial number of coins on the exchange
- Community voting and support, airdrops, ICO support
- Listing of new cryptocurrencies
- KYC not necessary for trading
- Withdrawals are limited to 0.5 BTC per day without KYC verification
- Low liquidity
With high trading volumes on a daily basis exceeding 4 billion dollars, Binance has easily become the top cryptocurrency exchange in the cryptoverse. With 6 million users actively using Binance, and with Binance Coin (BNB) taking a spot on the list of top 20 cryptos by market capitalization, Binance has become one of the most popular and most innovative platforms for cryptocurrency trading.
The exchange has reward programs designed to encourage users to use BNB, while settling fees with BNB tokens brings discounts to Binance users. KYC verification is an option for Binance traders, however, basic verification without KYC is also available. Users may start trading even without KYC, however, there are certain limits in restrictions regarding withdrawals for non-KYC accounts.
Users without KYC verification are allowed to withdraw 2 BTC units per day. With major trading volumes and a great variety of different coins and tokens, Binance is one of the key players in the cryptocurrency market.
- Anonymous trading with daily withdrawal limit of 2 BTC
- A great variety of different coins and tokens
- Low fees
- High trading volumes
- Has a mobile app
- Slow responsiveness from Binance customer support
- No fiat currency is supported
- The platform can fail at times
Bitmex is another one of the most popular exchanges, providing various types of orders for cryptocurrency traders, including support for different trading tools, as well as additional settings and features. Bitmex is also providing discounts for new customers, and has low and competitive fees ranging from 0% to 0.25%. KYC is not required for creating an account on Bitmex, so users may start trading as soon as the registering form is completed and deposit is made.
There are no fiat currencies in payment options, so users may only pay and make deposits in Bitcoin (BTC). Starting from July 2019, Bitmex is considering to make KYC and AML verification processes necessary with possibility of limiting accounts that refuse to perform KYC verification and would prefer to trade anonymously.
- High trading volumes
- Up to 100 times leverage on trading
- Various types of orders and additional settings
- No KYC needed so anonymity is supported
- Due to strict regulations, Bitmex is not available for US-based traders
- Might force KYC on traders in the near future