No KYC Crypto Swap: Here Are Things You Need to Know

No KYC Crypto Swap

Nowadays, crypto currency is one of the alternative modes of payment for fiat currency which is starting to attract the attention of the global community. Cryptocurrencies are digital currencies that are traded on crypto exchanges and are not issued by any government or authority.

Hence, cryptocurrencies are fully decentralized unlike other fiat currencies where they are issued by the government and regulated by competent banking authorities. Meanwhile, cryptocurrency transactions are carried out virtually through crypto exchanges as a medium to monitor cryptocurrency transactions. Through a cryptocurrency exchange, you can find out which type of cryptocurrency is profit or loss at any time.

Before registering on a centralized crypto asset exchange platform, of course, you must comply with KYC to maintain the privacy of user data. However, some people are quite uncomfortable with the offered KYC rules. This is because the user’s personal data can be seen and controlled directly by the crypto asset exchange manager.

Therefore, several decentralized exchanges (DEX) are now starting to appear to offer transactions with No KYC Crypto Swap. If you are still confused about crypto asset exchanges with No KYC, you can continue reading this article further.

No KYC Crypto Asset Exchange

KYC or “Know Your Customer” is one of the basic rules that are often used by financial institutions to find out users’ personal data. This is intended by financial institutions to confirm the relevant users so that they can avoid criminal acts such as money laundering, tax evasion and other criminal acts. In addition, KYC usually helps to complete the anti-money laundering policies (AML) that prevent illegal income from being disguised as legitimate income. Therefore, KYC requirements are also used before transacting cryptocurrencies on crypto asset exchanges.

However, some crypto traders are more comfortable with no KYC crypto swap policy because they can hide their identity and avoid potential data leaks. Therefore, No KYC Crypto Swap can only be made through Decentralized Finance (DeFi) or on some Crypto Asset exchanges using a decentralized exchange (DEX).

Decentralized Finance, DEX and KYC

In the crypto world, there are two crypto asset trading systems known as Centralized Finance (CeFi) and Decentralized Finance (DeFi). The difference between the two lies in the control of the system managed by a third party. Centralized Finance (CeFi) is a financial system that is controlled by one central party—the crypto-exchange company, so that the guarantee is certainly with the company itself. In addition, CeFi helps establish fair trade by securing assets in the blockchain using third parties.

Meanwhile, Decentralized Finance (DeFi) is a financial system with no third party as an intermediary for transactions. Hence, DeFi helps users to manage funds independently. Therefore, the existence of this system makes several crypto asset exchanges work with decentralized exchanges (DEX), allowing users to no KYC crypto swaps. Users can simply use a digital wallet specifically for cryptocurrencies without the need to submit their personal data. In addition, crypto asset exchanges with decentralized exchanges (DEX) will not hold user assets because there is no third party taking over user funds. Moreover, the transactions between sellers and buyers can be carried out directly.

No KYC Crypto Swap

The existence of KYC on the crypto asset exchange is to protect the crypto industry from criminal acts. However, one of the traits that crypto traders uphold is anonymity, so that some traders tend to be more comfortable transacting without KYC. In addition, the existence of KYC or user information data stored on crypto exchanges can be a target for hackers. Hence you can start your swap here: No KYC Crypto Swap

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