[ATNET Crypto Trading Glossary] KYC

jargon     · [crypto-jargon]
What does KYC mean in crypto and where do you not need it?

KYC means in crypto the same thing as it means in legacy finance industry: KYC stands for know your customer.

Practically, KYC will be the requirement by a crypto trading platform to get a scan of your ID card (at least). KYC is usually coupled with AML screening (anti-money-laundering).

Thanks to decentralized trading, in 2020 there are ways to buy or trade crypto with no KYC.

We go more at length [in the blog]((/buy-crypto-no-kyc/) about what are the red flags you don’t want to see in a crypto trading platform without KYC.

To make the long story short, trading crypto without KYC is less risky if your exchange has a proven track of records and doesn’t limit your crypto withdrawals.

Crypto Wallet with No KYC

This is just to clarify one thing: If a cryptocurrency wallet requires you to KYC, it’s possibly a scam.

The only good reason for KYC is the exchange between fiat and crypto. That is why Coinbase exchange will want you to KYC buy Coinbase wallet has no good reason to.

Airdrops requiring KYC are in most cases borderline scam. At best, it’s simply not worth it to give away your identity to collect couple dollar’s worth of useless token.

A cryptocurrency wallet is just a device to generate private keys for you. Anyone who has access to a wallet’s key has access to the wallet’s coin. Do not KYC to get a cryptocurrency wallet.

Free and anonymous cryptocurrency wallets include:

  • (Custodial) Bitfinex: spot, margin, lending, futures, airdrops
  • (Custodial) ByBit: futures, airdrops has limits, is shady
  • (Custodial) WhiteBit: futures, airdrops has limits
  • (Non-Custodial) LocalCryptos: onramp
  • (Non-Custodial) Uniswap: spot
  • (Non-Custodial) LeverJ: futures
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