6 BEST No KYC Crypto Exchanges (2023) (2024)

FAQs

Which crypto exchange does not require KYC? ›

Changelly is one of the best instant exchange platforms that does not require KYC for exchanges. Transactions on Changelly are fast, easy, and secure. You can set up your order in 3 simple steps and get your new crypto in your wallet within 30 minutes or less. Changelly doesn't store user funds.

However, U.S. users need to be aware that, due to their inability to complete KYC verification, their accounts may not be as secure as international accounts. KuCoin doesn't offer unverified accounts the same fraud and hacking protection as verified accounts.

Unlike centralized crypto exchanges that require users to meet Know Your Client (KYC) requirements, this wallet doesn't require users to submit personal information.

Bisq is a decentralised bitcoin exchange that users access via desktop app that runs over the Tor network. It requires no KYC information and enables users to buy or sell directly with one another without a trusted third party.

Do I have to report transactions from non-KYC exchanges on my tax return? Even if your exchange doesn't KYC, you are still legally required to report any income generated from your crypto investing activity on your taxes.

A user using FTX without a KYC done can only carry out withdrawals of $1000 in total. If you think about it, this is still amazing because a lot of the centralized exchanges around will not allow you to trade on their platforms without first completing a KYC verification.

The United States has strict regulations for cryptocurrency exchanges, and KuCoin is not licensed to operate in the states. If you live in the U.S, you may be tempted to use KuCoin without completing the KYC verification. You'd have restrictions on how much you could withdraw, and how much leverage you could access.

KuCoin ranks in the top 10 cryptocurrency exchanges by trading volume. The platform is not licenced in the USA, residents can however sign up for 'unverified' accounts. Unverified accounts have limited functionality, limitations can however be bypassed using VPNs.

Laws and regulations require that we verify your account by asking who you are and where you live. Kraken takes every measure to prevent fraud and be fully compliant with KYC and AML regulations for trading of cryptocurrencies.

Metamask does not have to send any information to the IRS because Metamask is an ETH wallet, and the IRS cannot keep track of Metamask.

Does Uniswap need KYC? ›

No Mandated KYC

KYC (Know Your Customer) is a standard process that requires new account owners to verify their identities. Unlike most financial institutions, Uniswap doesn't require this type of information because it wants to offer a simple peer-to-peer trading experience.

Identity Verification or Know Your Customer (KYC) standards are required for all users on Bitget to protect the account against fraud and financing risks.

If you want to use Coinify Trade Services, you must first create an account and provide us with KYC documentation. It must be noted that only one account can be created. Accounts can be created for both personal and business use.

Binance is one of the top no-KYC crypto exchanges that accepts all prominent altcoins and allows you to trade anonymously. If your daily withdrawal limit is less than 2 BTC, you do not need to complete KYC.

Is Bitcoin traceable by the IRS? Yes, Bitcoin is traceable. Here's what you need to know: Blockchain transactions are recorded on a public, distributed ledger.

After an initial failure to file, the IRS will notify any taxpayer who hasn't completed their annual return or reports. If, after 90 days, you still haven't included your crypto gains on Form 8938, you could face a fine of up to $50,000.

Excessive write-offs compared with income, unreported earnings and refundable tax credits are among the most common IRS red flags. However, you may avoid trouble by keeping detailed receipts and other tax paperwork readily available, experts say.

Although it is still possible to buy crypto without completing a KYC check, it is a more complicated and risky thing to do (as such platforms offer no protection if something was to go wrong), when compared with an exchange that complies with KYC requirements.

FTX's KYC Policy

Small time traders will find it possible to use FTX exchange without having to go through a KYC verification process. FTX allows up to $1,000 in withdrawals (lifetime) for non-KYC accounts.

Does FTX report to IRS? ›

Does FTX provide tax reports? No, FTX does not provide tax reports. FTX US does however issue some US users with 1099 forms.

As far as the best crypto exchanges go, Coinbase is both a safe and trusted US crypto exchange. Founded back in 2012, Coinbase has grown to be one of the top crypto exchanges in the world, with more than 98 million verified users trading more than 200 supported cryptocurrencies.

In the end, keep in mind that unlike crypto exchanges like Robinhood and Coinbase that directly report to the IRS, KuCoin does not.

In comparison, Kraken is a U.S.-based exchange where international and U.S. investors use the same platform. While global users can access more transaction types and coins, the site feels less limited than Binance.

Does Kraken report to the IRS? Yes, Kraken reports to the IRS. If you're a US resident and you earn more than $600 in income via Kraken (from staking rewards and so on), Kraken will issue you a 1099-MISC Form.

To access the platform's full suite of trading features, users also need to complete its Know Your Client (KYC) verification process, which involves uploading a government-issued photo ID. This process is designed to reduce instances of fraud on Gemini.

Huobi Global is another top crypto-only exchange that doesn't require KYC. However, to withdraw higher amounts of cryptocurrency, users need to verify themselves.

In addition, exchanges like Coinbase, Gemini, and Kraken issue 1099 forms to customers and to the IRS reporting on your crypto transaction activity. If you don't report transactions that have been reported to the IRS via Form 1099, you may automatically be sent a warning letter about your unpaid tax liability.

Why does the IRS ask if I bought cryptocurrency? ›

The IRS considers cryptocurrency holdings to be “property” for tax purposes, which means your virtual currency is taxed in the same way as any other assets you own, like stocks or gold.

If you don't report a crypto-taxable event, you could incur interest, penalties, or even criminal charges if the IRS audits you. You may also even receive a letter from the IRS if you failed to report income and pay taxes on crypto, or do not report your transactions properly.

Answer: You can opt to use Bitcoin ATMs that allow you to buy Bitcoin anonymously with cash. Other platforms like ShapeShift, BitQuick, and LocalBitcoins.com, Paxful, and DameCoins let you trade Bitcoin anonymously with PayPal, credit cards, Western Union, and bank transfers.

The team said users don't need to perform any KYC to start using PancakeSwap. Furthermore, the team doesn't send any customer support Emails. Pancakeswap users should desist from sharing their seed phrases of private keys with others, the team concluded.

P2P, or peer-to-peer trading, is one of the most reliable ways to purchase crypto without KYC. After all, these platforms simply connect buyers and sellers without interfering in their transactions.

1) ZenGo – Most Secure Non-custodial Wallet

ZenGo is the most secure non-custodial wallet in Web3 by removing the private key vulnerability, making it the simplest yet most secure wallet to invest in cryptocurrency.

If you want to buy and sell your crypto, Coinbase will be the best choice. Why use Coinbase Wallet? If you're looking for a secure wallet for your digital assets, Coinbase Wallet will be your best bet.

As mentioned previously, it is not wise to keep large amounts of cryptocurrency in any hot wallet, especially an exchange account. Instead, it is suggested that you withdraw the majority of funds to your own personal "cold" wallet (explained below). Exchange accounts include Coinbase, Gemini, Binance, and many others.

XanPool API allows to create users' accounts as well as complete their KYC. KYC consists of three steps: Uploading ID's photos, proof of address & KYC video. Verifying Phone number.

To access all the trading features OKX offers, you'll need to complete its KYC (know your customer) requirements. A Level One KYC-verified account requires entering basic information, including a government identification number.

Is KYC required for BitMart? ›

In order to gain full access, including spot trading, futures trading, earning, staking features, and increase higher deposits and withdrawal limits, customers will need to complete the KYC verification process. If you do not complete the KYC process, you may not be able to access all the features at BitMart.

As MoonPay is a fully regulated business, they need to collect this information from you in order to comply with international financial regulations, including anti-money laundering (AML) and Know Your Customer (KYC) practices.

As a regulated financial services company, Coinbase is required to identify the users on our platform. Per the Coinbase User Terms, we require all customers to verify their identity to continue using our service.

A valid Social Security Number (SSN) or Taxpayer Identification Number (TIN) is required. If you are unable to obtain either, we advise contacting your local Social Security Administration office.

Binance requires users to complete Identity Verification to increase their account security. Please visit How to Complete Identity Verification if you haven't completed the verification process.

Unverified accounts that have not fulfilled KYC requirements will not be able to trade. All new users are required to verify their accounts (i.e. Verified or Verified Plus) in order to access Binance products and service offerings, including cryptocurrency deposits, trades and withdrawals.

It is possible to purchase VAs without performing KYC. Crypto ATMs and decentralized exchanges (DEXs) don't require KYC, for example. Crypto ATMs let users buy cryptocurrency using cash or debit cards, whereas DEXs are blockchain-based P2P markets that permit large-scale crypto asset trading.

Can I buy crypto without KYC? Yes, it is possible to buy and trade crypto without KYC. One can do it on P2P platforms, DEXs, and even major crypto exchanges like KuCoin or Changelly.

If you've ever used a cryptocurrency exchange or bought an NFT, it's likely that you will have had to perform a know-your-customer (KYC) check to verify your identity.

Don't KYC is not currently supported across Coinbase's vast ecosystem. There are still ways you can find a way to buy Don't KYC.

How do I get past KYC? ›

Laws and regulations require that we verify your account by asking who you are and where you live. Kraken takes every measure to prevent fraud and be fully compliant with KYC and AML regulations for trading of cryptocurrencies.

When you buy or sell bitcoin at an ATM, it will not be necessary to produce your SSN. Depending on the amount of the transaction, you may need to provide only your phone number, or you might need to supply your phone number and a photo ID.

Those who don't complete verification will only have basic access to the Binance site. Non-verified users can explore our offerings, and claim NFTs, Fan Tokens, and Binance Gift Cards, but they will not — under any circ*mstances — be able to interact with any Binance trading products.

You must report income, gain, or loss from all taxable transactions involving virtual currency on your Federal income tax return for the taxable year of the transaction, regardless of the amount or whether you receive a payee statement or information return.

No Mandated KYC

KYC (Know Your Customer) is a standard process that requires new account owners to verify their identities. Unlike most financial institutions, Uniswap doesn't require this type of information because it wants to offer a simple peer-to-peer trading experience.

Does Coinbase report to the IRS? Yes. Coinbase reports your cryptocurrency transactions to the IRS before the start of tax filing season. As a Coinbase.com customer, you'll receive a 1099 form if you pay US taxes and earn crypto gains over $600.

Coinbase is easy to set up but requires some information, including your legal name, home address, date of birth, last four digits of your Social Security number and how you plan to use Coinbase. That's to comply with federal regulations.