Kycnot.me knows some cryptocurrency exchanges that do not ask their clients for their identification to give them the freedom that comes with crypto ownership.
A website has just been launched for the sole purpose of writing down the names of cryptocurrency exchanges that do not force their clients to submit any form of document that reveals their ID. These exchanges do not have a KYC verification department.
Kycnot.me’s list is focused on exchanges that deal on Bitcoins (BTC) and Monero (XMR). It Chose BTC because most people opt for it and XMR because it keeps users identification details more secure than any other cryptocurrency.
Kycnot.me reveals some secrets about KYC-free sites
There are a total of 14 exchanges on the website’s list. Most of the names on the list provide a peer-to-peer crypto exchange.
Nevertheless, Kycnot.me has noticed some irregularities in some of the exchanges’ mode of operation. It said even though they claim to have a KYC-free service, it is difficult to withdraw money on some of them. Some of them have limits to what their KYC-free service offers.
One would have expected names like Binance, KuCoin and BiMEX on the list but they are not found there.
KYC against the principles of crypto
While explaining the purpose of the website, owner of kycnot.me recited the site’s mission statement: “to preserve the decentralized and self-governed essence of cryptocurrencies” by “making it easier for people to find trustworthy ways to buy, exchange, trade and use cryptos without needing to identify themselves.”
He argued that crypto exchanges should be different from the banks but adding a KYC department makes it look the opposite.
The website is calling for comments and contributions from the crypto community.