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Web3  · 05/17/22

How to buy BNB with no KYC

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BNB is now bought as an investment vehicle, and for staking. There are still a few ways to do it without KYC.
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If you clicked through to this page because you were asking “why can’t I buy BNB in Trustwallet??” then you are in the right place. BNB is not available in Trust wallet and other apps that are owned by Binance due to geopolitical reasons. However, this is crypto, which means the community provided a workaround - as always.

As you probably know, the Binance coin, or BNB, is the cryptocurrency token of the Binance exchange.

Traders treat BNB as a security-type of asset: The price action of BNB represents to some degree how well the Binance behemoth is doing. Binance is by far not just an exchange - they run the staking wallet Trustwallet and run the Innovation Zone platform.

That is why some crypto investors are considering buying BNB to hold, as opposed to buying it as a utility token to be used while trading on Binance.

Common reasons that people name for investing in BNB:

  • Buy and Hold strategy, betting on the bright future of Binance
  • As a hedge against BTC price swings
  • To use the fee benefits, which further strengthens Binance. (Traders can use 50% of their trading fees for buying back some of the BNB they sell, which also creates demand for it.)

While in the case of big cryptocurrencies (think BTC, ETH) it is easy to buy without KYC, BNB is still a relatively niche coin. You won’t see it listed on p2p markets like LocalCryptos.

You could possibly make a private deal with a trusted vendor there, but that’s not something you can do with a vendor you’ve just traded with once.

How to buy BNB without KYC: The two-step buying process

Binance made AML/KYC mandatory for all users in 2021, in addition to sidelining US traders to the Binance.us platform and traders from some other countries just flat out completely.

Coinbase and most of the other “properly” regulated exchanges do not allow trading of any crypto that is not compliant with local laws.

It is not possible at the moment to buy BNB directly from fiat, without doing KYC.

What is possible, however, is to buy BTC or ETH without KYC.

So, if one wants to buy some BNB without going through the KYC process, one must consider the two step process to buying alt coins - just like the old times.

  • Step 1 - Buy BTC, possibly on a non-KYC platform already
  • Step 2 - Trade BTC for BNB on a non-KYC platform that trades smaller alts

The exchanges that allow traders to buy BNB without having to send their IDs are much less compliant with the anti-money laundering (AML) and counter terrorist financing (CTF) regulations. These days, that’s sometimes that makes the exchange less reliable, and often it is rightly so. And so, as a note, if you really want to buy BNB with no KYC, do not leave your BNB on the exchange.

Step 1 - Buy BTC or ETH

One of the safest no-KYC alternatives to onramp to crypto are p2p markets like LocalCryptos. They allow exchange between fiat currencies and cryptocurrencies, but have zero knowledge of its details, which under the current laws (February 2022) exempts them from doing KYC/AML.

There is a law-enforcement push to change that from the SEC. The SEC here claims that it wants to start overseeing even platforms outside of its jurisdiction, and at that any kind of platform that could possibly facilitate a transaction. Zero-knowledge platforms would probably be outlawed, but the exact implications are not clear yet. (Financial Times, 7 Feb 2022 https://archive.is/zWnwA)

So, if you’re considering onramping to crypto this way, maybe it would be a good idea to make up your mind soon. Just saying.

Step 2 - Buying BNB on a non-KYC exchange

So if you want to buy some BNB without filling up a lot of forms, you can simply select a platform here below.

  • Generate an account
  • Deposit BTC
  • Open a trade to buy BNB for your BTC

Once you have your BNB, withdraw it to a wallet like Metamask or, if it’s a larger amount, Ledger.

For added privacy you could be using another pseudonymous factor such as TOR browser or a prepaid sim card.

List of no-KYC exchanges where you can buy BNB for other crypto

  1. Bitforex (has no-KYC BNB/BTC market)

    Bitforex is currently the go-to trading platform for tiny alts, meme coins and low-profile NFT coins like OMI. They are quite a small exchange still, and at the moment do not require KYC.

    BNB/BTC market on Bitforex

  2. Phemex (has no-KYC BNB/USDT market)

    Phemex exchange uses the limit model, where if you don’t verify your identity, you can still trade but your withdrawal amounts will be limited to max 2 BTC worth a day. KYC’d users get lower fees, can participate in all of the airdrops and contests and their limits are lifted.

    Either way, there is a BNB/USDT market that you can access without KYC and withdrawals of BNB are available on the same conditions as with other markets.

    BNB/USDT market on Phemex

  3. SimpleSwap (has no-KYC BNB/BTC and other BNB markets)

    SimpleSwap is a no-KYC swap and exchange where you can insta-buy BNB for BTC or other crypto without having to do any KYC. You can trade any amount from roughly 35 USD to about 35,000 USD in a single transaction.

    The exchange rates at SimpleSwap are only 1% over the market prices at FTX, which is not a bad margin at all. For smaller traded amounts it’s a really good choice, you won’t overpay that much for the convenience.

    BNB/BTC on SimpleSwap

    Use the following coupon for a bonus of 300 units of their fee token: SsITvSMQ0Cru0ERU

  4. FTX.com (has BNB/BTC market)

    The duo of FTX platforms requires KYC, but not until your account is about to hit a withdrawal value threshold. The threshold accumulates over time.

    For international traders the threshold is 1k USD.

    BNB/BTC on FTX.com (Intl)

    US traders are meant to use the FTX.us platform. The threshold there is 10k USD, however the US platform does not trade BNB.

  5. OKX (formerly OKEx or OKCoin)

    BNB does not trade on OKX anymore.

  6. Gate.io

    Gate.io requires KYC for all customers.

Final words: What to do with your BNB after you buy (Stake BNB without Binance!)

You can invest in BNB coin and then earn extra income from staking BNB.

The best passive income from BNB comes from staking BNB on your own. You can stake BNB from Trustwallet, which is a software wallet owned by Binance itself. You can also use BNB for soft staking and yield generation on the Binance exchange - but all that requires KYC.

The details vary based on your geolocation, but generally speaking, the days of no-KYC anything on Binance are gone.

If you’re one of those who got “BNB not available” in Trust Wallet, use Exodus wallet or Metamask to hold it, and Kine DEX to stake it.

  • Kine DEX is a new DEX that is run by ex-Huobi people. Kine made it to this post because it lets you stake BNB from anywhere and without KYC.

Staking is the ultimate passive income for all those who want to make money without working hard or investing a lot of time and energy: it’s like owning a piece (a share) in Facebook but better - plus it has an actual product everyone wants.

There is a lot of demand for easy BNB staking, but the big staking pools and node providers like AllNodes are staying away from it. You may be lucky with smaller pools, but beware of scams - there are many.

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