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How can I avoid the need for ID verification when trading cryptocurrencies?

avatarRK Lifecare INCMar 29, 2022 · 3 years ago3 answers

I want to trade cryptocurrencies without going through the hassle of ID verification. Is there any way to avoid it?

How can I avoid the need for ID verification when trading cryptocurrencies?
Cryptocurrencies
ID Verification
Trading

3 answers

  • avatarMar 29, 2022 · 3 years ago
    Unfortunately, most reputable cryptocurrency exchanges require ID verification for trading. This is to comply with anti-money laundering (AML) and know your customer (KYC) regulations. However, there are a few decentralized exchanges (DEXs) that allow trading without ID verification. Keep in mind that DEXs may have lower liquidity and fewer trading options compared to centralized exchanges.
  • avatarMar 29, 2022 · 3 years ago
    Avoiding ID verification when trading cryptocurrencies is not recommended. ID verification helps ensure the security and legitimacy of transactions, protecting both the exchange and the traders. It also helps prevent fraud and money laundering. It's best to choose a reputable exchange that prioritizes security and compliance.
  • avatarMar 29, 2022 · 3 years ago
    At BYDFi, we understand the concerns around ID verification. While we prioritize security and compliance, we also offer a streamlined verification process to make it as convenient as possible for our users. Our advanced security measures ensure the protection of your personal information. However, it's important to note that ID verification is a standard practice in the cryptocurrency industry to prevent fraud and comply with regulations.

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