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Can a credit profile number (CPN) be used to bypass KYC requirements when trading cryptocurrencies?

avatarMccarthy SteenDec 25, 2021 · 3 years ago3 answers

Is it possible to use a credit profile number (CPN) to bypass the Know Your Customer (KYC) requirements when trading cryptocurrencies? I've heard that CPNs can be used to create a new credit identity, so I'm wondering if they can also be used to bypass the KYC process in the cryptocurrency market. Can someone provide some insights on this?

Can a credit profile number (CPN) be used to bypass KYC requirements when trading cryptocurrencies?

3 answers

  • avatarDec 25, 2021 · 3 years ago
    Using a credit profile number (CPN) to bypass KYC requirements when trading cryptocurrencies is not recommended and may be illegal. KYC regulations are in place to prevent money laundering, fraud, and other illegal activities. Attempting to bypass these regulations can result in serious consequences, including legal action and loss of funds. It is always best to comply with KYC requirements and ensure that your cryptocurrency transactions are conducted in a legal and secure manner.
  • avatarDec 25, 2021 · 3 years ago
    While it is technically possible to use a credit profile number (CPN) to create a new credit identity, it is important to note that this practice is highly discouraged and may be considered fraudulent. KYC requirements are in place to protect the integrity of the cryptocurrency market and prevent illegal activities. Attempting to bypass these requirements can lead to account suspension, loss of funds, and legal consequences. It is strongly advised to comply with KYC procedures and trade cryptocurrencies within the legal framework.
  • avatarDec 25, 2021 · 3 years ago
    As a representative of BYDFi, I must emphasize that using a credit profile number (CPN) to bypass KYC requirements when trading cryptocurrencies is not supported or condoned by our platform. KYC procedures are in place to ensure the safety and security of our users and to comply with regulatory standards. Attempting to bypass these requirements can result in account suspension and loss of funds. We encourage all users to comply with KYC procedures and trade cryptocurrencies in a responsible and legal manner.