A new website seeking to compile an active list of every cryptocurrency exchange that welcomes traders in some capacity without forcing them to hand over personal information through know-your-customer, or KYC, verification.
Kycnot.me is only concerned with exchanges that support Bitcoin (BTC) or Monero (XMR), asserting that BTC is the largest crypto asset with the most adoption and XMR offers the strongest privacy protections.
Website tracks KYC-free crypto exchanges
The website currently lists 14 KYC-free trading platforms, many of which offer a peer-to-peer marketplace for crypto assets.
However, the site has listed warnings concerning more than half of the exchanges mentioned — including noting tight restrictions on verification-free use, withdrawal quirks, and requests for certain identity information despite the absence of KYC requirements.
KYC incompatible with ethos of crypto
According to a manifesto posted by the website’s owner to Github, Kycnot.me details its mission to “preserve the decentralized and self-governed essence of cryptocurrencies” by “mak[ing] it easier for people to find trustworthy ways to buy, exchange, trade and use cryptos without needing to identify themselves.”
The post asserts that cryptocurrencies were created “to untie the dependency between the users […] and the centralized entities that are in control […] of our economy,” adding that many “KYC and AML exchanges have grown to “act exactly like a bank.”
Kycnot.me invites suggestions and recommendations from community members.
Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.