Binance, one of the world’s largest cryptocurrency exchanges, does not use KYC (Know Your Customer) verification for its users. This means that anyone can create an account and trade without having to provide their real name or any other identifying information.
This makes Binance a very attractive option for those looking to trade cryptocurrencies anonymously.
However, there are some disadvantages to using an exchange like Binance that doesn’t require KYC. First, it’s important to know that Binance is not regulated by any financial authority.
This means that if something goes wrong with your account or your trades, you will have no recourse. Additionally, because Binance doesn’t require KYC, it has been used in the past by criminals to launder money.
Overall, whether or not Binance’s lack of KYC is a good thing or a bad thing depends on your perspective. For those looking for a simple and anonymous way to trade cryptocurrencies, Binance is a great option.
However, those who value regulatory oversight and customer protection may want to look elsewhere.