How to Buy Crypto Without KYC on WhiteBIT in 2022?
The KYC procedure is present on all reliable exchanges, and passing it gives users a number of benefits that differ from platform to platform. Otherwise, you will still be able to use the exchange, but its functionality will be limited. This article will tell you how to buy crypto without KYC on the WhiteBIT crypto exchange and what other opportunities you can get without passing this procedure.
What is KYC?
KYC (Know Your Customer) is a principle of financial organizations that involves verifying a client’s identity before allowing them to conduct financial transactions. Users provide documents confirming their identity to pass the verification and may perform additional actions, such as taking a photo with these documents.
Since anonymity is one of crypto transactions’ advantages, not everyone wants to share personal information. Cryptocurrency exchanges, in turn, respect the desire of their customers to remain anonymous and make the KYC procedure optional but desirable.
Why is KYC So Important?
KYC is closely related to AML (Anti-Money Laundering) policy. It is a set of measures to combat the laundering of money obtained by illegal means and terrorism financing. AML algorithms use a KYC user base to identify addresses involved in criminal activity and track their transactions. This set of measures helps make the cryptocurrency more transparent and safe, improving its reputation and mass adoption.
Additionally, KYC benefits the exchange clients, allowing them to restore their accounts after losing a password or a 2FA code, and also provides additional fraud protection. On WhiteBIT, KYC will enable you to withdraw up to 100 BTC daily and conduct operations with fiat currencies. Moreover, the procedure itself does not take more than 24 hours.
Also, Read About: EDD Banking: To Comply with KYC and AML Regulations
Pros and Cons of Buying Crypto Without KYC
There are advantages and disadvantages to buying cryptocurrencies without verifying your identity.
Pros
- maintaining your privacy;
- protection from laws in some countries that prohibit crypto transactions;
- evasion of taxes on digital assets, if provided in the country.
Cons
- it promotes money laundering;
- exchange limitations on the purchase or withdrawal of cryptocurrency, the use of fiat currencies;
- high risk of being deceived when using a trading platform on which verification is not provided at all;
- it promotes sponsoring criminal activity and terrorism without the ability to trace the criminals.
Buying Crypto Without KYC on WhiteBIT
The WhiteBIT cryptocurrency exchange has pretty good conditions for users without verification. They can deposit and withdraw cryptocurrencies with a withdrawal limit of up to 2 BTC per day and use all the exchange tools. However, all operations with national currencies (fiat money) are not available for them. Therefore, users can’t buy and sell crypto for national currencies directly on the exchange.
Read This: Transfer Your Cryptocurrencies to Cash and Enjoy the Profits
In this case, to buy crypto without KYC on WhiteBIT, you need to use the services of an exchanger. Sign up on WhiteBIT, choose a reliable exchange service, and follow these steps:
- select the desired pair of currencies on the exchanger;
- specify the amount of the asset you want to purchase;
- enter the code of your WhiteBIT wallet;
- wait for the confirmation of your request;
- transfer money to the account indicated by the exchanger;
- confirm your actions on the platform.
Soon the funds will be credited to your balance on WhiteBIT, and you will be able to take advantage of all the benefits of this exchange: trade on the spot market, trade with leverage, try out Bitcoin futures, or hold cryptocurrency at interest!
Conclusion
Whether to pass the KYC procedure is entirely your choice. Verified users get more opportunities on the exchange but sacrifice their anonymity. If you do not want to share personal data, you can still buy crypto on WhiteBIT using the exchanger.
