A new website Kycnot.me is seeking to compile an active list of every cryptocurrency exchange that is KYC-free.
Those exchanges that welcomes traders in some capacity without forcing them to hand over personal information through know-your-customer verification.
New website comparing #bitcoin or #monero exchange options that don't require #KYC https://t.co/YhvhLPRSzi pic.twitter.com/9Q78bqQQg5 — K.A.B. (@DatenRATTE) June 12, 2020
Kycnot.me is only concerned with exchanges that support Bitcoin (BTC) or Monero (XMR), as BTC is the largest crypto asset with the most adoption and XMR offers the strongest privacy protections.
The website currently lists 14 KYC-free trading platforms, many of which offer a peer-to-peer marketplace for crypto assets.
However, the site 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.
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.”