crypto exchange

6 Cryptocurrency Exchanges That Don’t Require KYC

17/03/2020 by Idelto Editor

These days, it’s taken as a given that KYC must be endured to trade cryptos on centralized exchanges. In fact, there are still dozens of exchanges you can access without having to risk your personal documents and identity. The following guide examines six such platforms, and considers precautions you should take when using KYC-less crypto exchanges.

Also read: BTC Hashrate Follows Price Drop – 20% Lower Before Bitcoin Halving

Keep Your Privacy, Swap Your Crypto

Know Your Customer (KYC) legislation requires businesses to verify the identity of individuals using their service, particularly where the transmission of money is involved. This includes virtual currencies. As a result, the majority of crypto exchanges now enforce KYC. However, it is not mandatory to use a KYC exchange (also referred to as “surveillance exchanges” by their detractors) to trade. A number of exchanges legally operate in jurisdictions that do not mandate KYC, or have no official headquarters, placing them in a grey area in terms of legal obligations.

Generally speaking, KYC exchanges that are fully regulated offer better protections for their customers, and there may be greater redress in the event of something going wrong, such as a hack. However, this does not mean that KYC-free exchanges are less trustworthy; it is the duty of each trader to perform their due diligence and choose a reputable exchange.

It is not the case that only shadowy individuals seek KYC-less exchanges, such as for tax evasion or criminal purposes. In fact, many traders flock to these platforms because they recognize that KYC requirements make everyone less safe through creating a honeypot for hackers. If you value your privacy, and wish to keep your personal details out of the reach of busybodies and criminals, it makes sense to seek platforms where you can exercise your right to trade cryptocurrencies in peace. Here are six exchanges that fit the bill.

Nominex

Low fees, a fast trading engine and advanced bidding tools are among the features that Nominex flaunts. Up to 3 BTC a day can be deposited and withdrawn without requiring KYC. The Seychelles-based exchange (registered in the same locale as Bitmex) operates a popular affiliate program, offers demo accounts for traders finding their feet, and is about to launch daily trading tournaments.

Stop, Stop Limit, Trailing Stop, and Scaled are among the order types that can be placed on Nominex. There’s 24-hour customer support and trading fees are reduced by 50% for holders of the native NMX token.

Bybit

Bybit is a popular derivatives exchange that could become a lot more popular if Bitmex introduces KYC, as has been rumored. Founded in Singapore, Bybit doesn’t require KYC, although U.S. residents are excluded from trading. Its most popular product is its BTC-USD perpetual swap, although Bybit also offers futures for XRP, EOS, and ETH. Bybit features a clean and intuitive layout and good customer support that operates around the clock and in multiple languages.

One of the best things about Bybit is its guides to margin trading. These help traders learn the terms, tricks and tips required to effectively swap derivatives products. There’s a Bybit mobile app available on the iOS and Google Play stores, while regular trading competitions keep things fresh.

Binance

The world’s largest cryptocurrency exchange is also a bastion of KYC-less trading. There are some caveats though. For one thing, U.S. citizens must trade on Binance US, which comes with KYC. Moreover, there are signs that Binance may transition to full KYC at some stage as it’s compelled to comply with the numerous jurisdictions where it operates. For now, though, spot trading can be accessed without requiring KYC, and you can withdraw up to 2 BTC per day. For margin trading, however, as well as various other Binance products, KYC is required.

Bitmax

Bitmax is a popular altcoin exchange that’s carved out a niche since launching in 2018. There’s reasonable liquidity, margin trading, a wide range of coins listed, and a native BTMX token that provides discounted trading fees and other benefits. The exchange holds regular airdrops and allows users to earn USDT for lending BTMX. Fiat deposits can be made with credit or debit card and there’s no KYC requirement, with a 2 BTC daily withdrawal limit.

Kucoin

Many exchanges operate partial KYC, Kucoin among them. What this means is that most traders will not be required to complete verification unless there is suspicious activity or in the case of them wishing to exceed the 2 BTC daily trading limit. Like leading exchanges Binance and Huboi, Kucoin has transitioned into a crypto company that offers a broad range of services, operating under various subdivisions. Although the liquidity could be better, Kucoin has a lot of things in its favor. It’s easy to use for one thing and lists a number of tokens that aren’t available on major exchanges.

Bitcoin.com Exchange

There’s a lot more to exchange.Bitcoin.com than merely the ability to sign up without undergoing KYC. BCH trading pairs, SLP tokens, and useful assets that aren’t available on other platforms are among its many attributes. There’s also the strength of the Bitcoin.com brand, which gives the exchange greater credibility than some of the other KYC-less platforms on the market. The clean and intuitive interface is free of clutter, and there’s a community feel to Bitcoin.com Exchange, which is particularly popular with BCH proponents.

DYOR and Don’t Leave All Your Crypto on Exchanges

It’s important to do your own research before signing up for a cryptocurrency exchange. Read reviews, check its policies on accessing the platform from different countries, and determine the quality of its customer support. Finally, and this applies to using all centralized exchanges, regardless of KYC, don’t leave all your crypto on there. Only deposit what you actively need for trading purposes and keep the rest of your stack in a noncustodial wallet. Trade safe, be smart, and keep your identity private by avoiding surveillance exchanges.

What KYC-free exchanges do you recommend? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock.

Did you know you can verify any unconfirmed Bitcoin transaction with our Bitcoin Block Explorer tool? Simply complete a Bitcoin address search to view it on the blockchain. Plus, visit our Bitcoin Charts to see what’s happening in the industry.

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Crypto Exchanges Overwhelmed on Bitcoin’s Most Volatile Day of the Year

12/03/2020 by Idelto Editor

Binance chief Changpeng Zhao referred to it as “Bloodbath day,” and many in the cryptosphere will echo those sentiments, as fallout from the COVID-19 pandemic reverberates through global markets. As crypto exchanges were thronged by frantic traders looking to capitalize on – or seek refuge from – the unprecedented market dump, several platforms buckled under the pressure.

Also read: Market Update: Global Economy Jolts Bitcoin, Overall Crypto Cap Loses $50B

Exchanges Struggle as Traders Get Busy

A panic-stricken sell-off of bitcoin and other risk-on digital assets has led to a number of crypto exchanges experiencing outages. On Thursday, March 12, Binance’s CZ noted that the platform’s load was 5x greater than all previous peaks. The exchange was handling 146,500 messages per second, with a 30GB/s market data push from a lone source. Aside from the occasional glitch, Zhao says systems appear to be holding up for now. Kraken was also briefly down earlier today.

Over on Bitmex, the Seychelles-based exchange experienced the most liquidations in 16 months: $702 million worth, $698 million of which were longs. The Ethereum network, meanwhile, has been toiling under heavy network congestion, with gas prices spiking to as high as $3.70 today, and transactions waiting hours to be processed. Binance has temporarily increased withdrawal fees for ETH and ERC20 tokens.

Network activity has been driven up by traders seeking to sell their holdings and under-collateralized defi positions being forcibly liquidated. ETH also nosedived by 35%, its most significant one-day decline since 2018. The price of BTC, meanwhile, fell below $6,000 for the first time since May while altcoins also plummeted. Against this wild backdrop, we have a halving on the horizon.

Bitcoin’s Safe Haven Status in Question

The theory that bitcoin might be a safe haven as oil, stocks, equities and bond yields plunge has been disproved: but even gold, widely viewed as the ultimate safe haven asset, dropped by more than 1% on Changpeng Zhao’s aptly-titled Bloodbath Day. Most crypto traders are seeking refuge by switching into stablecoins while knife-catchers have been buying up cheap coins in anticipation of the next rally. Volatility remains a trader’s best friend. As Bitmex’s Arthur Hayes put it, “I know all you HODLers say you love “cheap coins”, but will you really back up the truck if the S&P is flirting with 2,000? We shall see.” He added:

The time to back up the truck is when the futures basis goes flat or negative. That will signal an evaporation of optimism. Then you must surf the tidal wave of free money, and begin buying crypto with both hands. First fill your Bitcoin handbags, then acquire all the other dog shit … even CRipple might pop. Long live volatility, and stay healthy.

To say the economy has experienced turbulence in the wake of coronavirus would be a gross understatement. Assets are in virtual freefall across traditional and crypto markets, with pledges by the Fed and the Bank of England to cut interest rates seeming to have little effect.

Cruise liner and airline stocks have been some of the worst hit, with Boeing’s stock dropping 50% from last year. Numerous flights have been cancelled, and President Trump has announced a travel ban on 26 European countries in an attempt to contain the virus. Italy, one of the worst-hit countries, has come to an eerie standstill, all shops and restaurants except pharmacies and food outlets closed to the public. Many believe their own nations will soon follow suit, as infection spreads at a frightening pace.

Although the short-term outlook for bitcoin remains bearish, and sentiments like “keep calm and HODL” have been doing the rounds on Crypto Twitter, the sense of frenzy is impossible to ignore. As Messari’s Ryan Selkis urged, “It’s ugly today, but this too shall pass. Stay safe. Keep building.”

Where do you see the crypto markets heading from here? Let us know in the comments section below.

Images courtesy of Shutterstock.

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Boerse Stuttgart: New German Crypto Regulation Poised to Attract Institutional Investors

20/02/2020 by Idelto Editor

Since the new German crypto regulation went into effect, financial institutions in Germany have been preparing to offer crypto custody services. Among them is Boerse Stuttgart, the country’s second-largest stock exchange. Having obtained a provisional license from BaFin, the regulator in charge of licensing crypto service providers, Boerse Stuttgart is preparing to offer crypto custody services to institutional investors.

Also read: 40 Banks in Germany Declare Intent to Offer Crypto Services Under New Law

New Regulation Attractive to Institutional Investors

Boerse Stuttgart announced on Tuesday that its crypto custody arm is preparing to offer custody services to institutional clients, such as fintech firms, banks, and asset managers. Blocknox, a subsidiary of Boerse Stuttgart Digital Ventures, takes care of the custody of cryptocurrencies on an escrow basis.

“With regard to the new legal regulation of crypto custody in Germany as of 1 January 2020, Blocknox has already announced its intent to the supervisory authorities to apply for the required license,” Blocknox Managing Director Ulli Spankowski explained, detailing how his company is complying with the new law. “This means the license is deemed to have been granted provisionally,” he elaborated, adding:

We welcome the regulation of crypto custody as a reasonable step towards further professionalisation of the industry. Thanks to the new legislation, more institutional players are likely to enter the crypto market.

Blocknox’s crypto custody service was established at the end of January 2019 for users BISON, a crypto exchange app powered by Boerse Stuttgart. This service was extended at the end of September 2019 for users of Boerse Stuttgart Digital Exchange (BSDEX), the digital asset trading platform of Boerse Stuttgart. While the exchange was launched in September, it opened to all traders across the country in December. Boerse Stuttgart also announced in December that it had partnered with Japanese financial services giant SBI Holdings to expand both companies’ crypto businesses in Asia and Europe. SBI has several crypto operations in Japan, including a regulated crypto exchange.

BISON currently supports the buying and selling of BTC, ETH, LTC, and XRP. A German bank account is needed to use this app. Recently, the company announced the app now has around 81,000 active users and BCH will be added as an additional tradable cryptocurrency in the near future.

Germany’s New Crypto Regulation

The law implementing the amendment to the Fourth EU Money Laundering Directive went into effect in Germany on Jan. 1. It requires financial institutions wanting to offer crypto custody services to obtain authorization from the Federal Financial Supervisory Authority (BaFin).

News.Bitcoin.com reached out to BaFin for more information about the new regulation. The regulator explained that financial institutions with existing crypto custody operations when the new law went into effect must submit in writing by March 31 an “expression of interest” to offer crypto services if they want to continue offering crypto custody services. Banks without an existing crypto custody business when the new law went into effect cannot start offering the services until they have obtained approval from BaFin. According to reports, over 40 financial institutions have already submitted this intent.

Spankowski clarified that “Blocknox will submit the final application by the specified deadline.” BaFin confirmed to news.Bitcoin.com that banks failing to submit an expression of interest by March 31 must cease offering their existing crypto custody services. The expression of interest does not replace the application itself and does not have any bearing on whether the application will be approved. Financial institutions that have submitted an expression of interest must complete an application by Nov. 30 or cease crypto services by that date. BaFin also noted that the length of time it takes to issue a license depends on individual cases. The regulator is still finalizing its administrative practice for the approval and ongoing supervision of new crypto services.

What do you think of more German institutional investors entering the crypto space? Let us know in the comments section below.

Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Images courtesy of Shutterstock and Boerse Stuttgart.

Did you know you can buy and sell BCH privately using our noncustodial, peer-to-peer Local Bitcoin Cash trading platform? The local.Bitcoin.com marketplace has thousands of participants from all around the world trading BCH right now. And if you need a bitcoin wallet to securely store your coins, you can download one from us here.

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Google Executive From India Joins Coinbase as Chief Product Officer

31/01/2020 by Idelto Editor

A Google executive from India has joined Coinbase as the new chief product officer after 11 years at Google. He aims to help Coinbase make cryptocurrency mainstream. “I am excited about what crypto and blockchain technology can do to democratize our financial systems,” the executive said, citing his experience growing up in India and the trauma of demonetization.

Also read: Regulatory Roundup — New US Crypto Tax Bill, Central Banks Join Forces on Digital Currencies

From Google and Flipkart to Coinbase

Coinbase co-founder and CEO Brian Armstrong announced on Wednesday that Surojit Chatterjee is joining the company as the new chief product officer. He is leaving his position as Vice President of Product at Google, where he led Google Shopping, which helps people discover and compare products on the internet giant’s website. He was also a founding member of Google’s mobile search ads product. Prior to joining Google, Chatterjee was the Head of Product at Flipkart, a popular Indian e-commerce site. Armstrong wrote:

Today we’re announcing that Surojit Chatterjee is joining Coinbase as our new Chief Product Officer after spending 11 years at Google.

Google Executive From India Joins Coinbase as Head of Crypto Products — Surojit Chatterjee (left) and Brian Armstrong

Noting that the Google executive will assume his role at Coinbase on Monday, Reuters conveyed:

Chatterjee will aim to make cryptocurrencies, such as bitcoin and ethereum, mainstream and easy options for paying for goods and services, especially in cross-border transactions.

Armstrong told Techcrunch that Chatterjee will help the company “organize its complex array of products, including its cryptocurrency exchange, wallet, stablecoin, incentivized crypto education platform Earn and Coinbase Commerce that lets businesses take payments in bitcoin, ethereum and more.”

Experience From India and How Crypto Can Better Financial Systems

In a Medium post published on Wednesday, Chatterjee shared his thoughts about his decision to exit Google and join Coinbase. “I’ve always enjoyed being associated with technology that is on the brink of changing how we live. Google ads has helped democratize commerce, Flipkart and e-commerce has revolutionized life in India, and I believe Coinbase is going to turn conventional finance on its head,” he opined.

The executive explained that working on mobile ads at Google and mobile commerce at Flipkart has helped him understand the profound impact smartphones have to enable commerce in more places. He then shared two memories. The first was observing very closely what a lack of liquid cash does to a family’s lifestyle, noting that he grew up in a poor, middle-class household in India and his dad still lives in a remote village in the country. The second was the demonization experience in November 2016. “The lines at the bank snaked around blocks. ATMs ran out of cash. The daily limit was hardly enough for an average family of four to function normally,” he recalled.

After that, he began to really think about the limitations of the current financial system. “As an immigrant who migrated to the U.S. more than two decades ago, I have personally felt the complexity and inefficiency of sending money to my parents. The situation isn’t too much better today,” the Google executive noted, adding:

I am excited about what crypto and blockchain technology can do to democratize our financial systems.

While noting that cryptocurrency and its technology can help the internet become less centralized, he emphasized: “But most importantly, it’ll help 1.7B of the world’s unbanked population transact and avail financial services using their smartphones.” Chatterjee added, “This is why I am inspired by Brian’s vision to create ‘economic freedom for everyone’ and excited to be a part of the Coinbase journey.”

Google recently came under fire in the crypto community when its subsidiary Youtube removed some crypto-related videos. Youtube later said it was a mistake and restored them. In addition, Google suspended the Ethereum Android app Metamask from its play store, citing its policy that bans mining on mobile. However, the company later backtracked on its ban and restored the app.

Coinbase Custody Goes International

On Wednesday, Coinbase also announced the launch of Coinbase Custody International Ltd. The company will now offer its institutional-grade crypto asset storage to clients throughout Europe via its regional base of operations in Dublin, Ireland. The company detailed:

Our international launch is aimed to meet the demands of institutional investors in Europe and beyond. Europe is our fastest growing geographic segment and our international launch is a direct result of client demand.

The company explained that Coinbase Custody has served European-based clients in the U.K., Switzerland, Germany, Finland, the Netherlands and more since 2018. “Our dedicated presence in Europe will allow us to offer these services in a completely localized way, with local staff, localized SLAs [service level agreements] and in compliance with local laws.”

With over $7 billion in assets currently under custody, and just under $1 billion of that belonging to non-U.S. clients, Coinbase said that it plans to support more assets and launch new features over the coming months. The company is regulated in New York as a chartered custodian. Coinbase Custody CEO Sam McIngvale told CNBC on Wednesday that the company “absolutely” intends to secure a license in Europe.

What do you think of the Google executive joining Coinbase? Let us know in the comments section below.

Images courtesy of Shutterstock.

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Crypto Exchange Zebpay Announces Relaunch in India Ahead of Supreme Court Decision on RBI Ban

30/01/2020 by Idelto Editor

Zebpay is returning to India more than a year after closing down local crypto exchange operations due to the banking ban imposed by the central bank, the Reserve Bank of India (RBI). Under a new leadership team, the exchange has also revealed a number of upcoming new services, including a crypto-to-crypto exchange and a way for users to earn passive income.

Also read: Hearing Concluded — Indian Supreme Court Reserves Judgment on Crypto vs RBI Case

Zebpay Returning to India

Zebpay, formerly one of the largest cryptocurrency exchanges in India, announced on Wednesday that it will be relaunching in its home country. “Zebpay is back,” the company wrote, adding:

A new leadership team, crypto-crypto trading, no-fee trading on select pairs, an upgraded focus on security and innovation, and a passive income and borrowing program on the horizon.

The exchange’s CEO is Rahul Pagidipati, the announcement continues. “With a new CFO, CMO, and Chief Strategy Officer, we’ve got a new vision to become one of the most trusted, innovative blockchain service companies in the world.”

The company closed down its Indian exchange operation back in September 2018, a few months after the RBI’s banking ban went into effect. “The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business. As a result, we are stopping our exchange activities,” Zebpay said at the time. Since leaving India, the company has set up operations overseas, such as in European countries and Australia.

New Services Announced

Noting that it has been working on a number of new services to launch in India, Zebpay detailed:

In the coming months, we will launch crypto-crypto trading, to allow you to trade pairs like ETH-BTC and stablecoins with instant buy/sell.

In addition, for a limited time, the platform will waive trading fees for one selected pair each month, for the entire month, starting with BTC-ETH.

Zebpay further revealed that it has created a new company in its group called Genie Technologies Pte. Ltd. to focus on security research. “We’ve created one of the world’s most advanced, secure wallet systems to protect your crypto assets,” the company claims. While trading fees used to cover the costs of maintaining its wallet security, the company has been paying these costs themselves since 2018. It has therefore decided that from March 1, each member will be charged a flat monthly fee of 0.0001 BTC. “If the price of bitcoin goes up significantly, we’ll adjust the fee downwards,” Zebpay promises. “This will allow us to cover the cost of wallet security until we launch crypto-crypto trading later this year … Once we resume crypto-crypto trading, you won’t be charged a wallet fee as long as you place even one trade per month.”

Supreme Court to Decide on RBI Ban

The central bank issued a circular in April 2018 banning regulated financial institutions from providing services to crypto businesses. Banks subsequently closed the accounts of crypto exchanges, causing extensive damage to the crypto industry. Besides Zebpay, a few other exchanges have also closed down due to the banking restriction, such as Koinex and Coindelta. The remaining crypto exchanges cope with the ban by launching peer-to-peer trading platforms.

The Indian supreme court has been hearing the arguments against the ban for the past two weeks from Ahsim Sood, the counsel for the Internet and Mobile Association of India (IAMAI), and Nakul Dewan, the counsel representing a number of crypto exchanges. The hearing wrapped up on Tuesday. On the same day, the court issued an order stating that the judgment has been reserved and the counsels may file written submissions by Friday.

While the central bank has insisted on placing a banking restriction on the crypto industry, it has clarified that cryptocurrency is not banned in India. Furthermore, Indian Prime Minister Narendra Modi last week presented a prestigious award to a young entrepreneur who created a cryptocurrency app.

What do you think of Zebpay relaunching in India? Do you think Zebpay will be as popular as it was? Let us know in the comments section below.

Images courtesy of Shutterstock and Zebpay.

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