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Do I need to provide proof of residence when trading cryptocurrencies on a decentralized exchange?

avatarArmstrong UnderwoodDec 26, 2021 · 3 years ago3 answers

Is it necessary to provide proof of residence when trading cryptocurrencies on a decentralized exchange? I'm curious about the requirements for trading on a decentralized exchange and whether proof of residence is one of them.

Do I need to provide proof of residence when trading cryptocurrencies on a decentralized exchange?

3 answers

  • avatarDec 26, 2021 · 3 years ago
    Yes, providing proof of residence is often required when trading cryptocurrencies on a decentralized exchange. This is to comply with anti-money laundering (AML) and know your customer (KYC) regulations. The exchange may ask for documents such as utility bills or bank statements that show your residential address. It's important to note that the specific requirements may vary between different decentralized exchanges.
  • avatarDec 26, 2021 · 3 years ago
    No, you don't need to provide proof of residence when trading cryptocurrencies on a decentralized exchange. Decentralized exchanges are designed to prioritize user privacy and anonymity. However, it's important to conduct thorough research and choose a reputable decentralized exchange that aligns with your trading preferences and risk tolerance.
  • avatarDec 26, 2021 · 3 years ago
    When trading cryptocurrencies on BYDFi, a decentralized exchange, you are not required to provide proof of residence. BYDFi prioritizes user privacy and does not collect personal information. However, it's important to note that some other decentralized exchanges may have different requirements and it's always a good idea to check the specific rules and regulations of the exchange you plan to use.