Do exchangers require the KYC procedure?

KYC (Know Your Customer) is a standard method regulators implement to combat money laundering through cryptocurrency. For the past few years, you might have noticed that more and more cryptocurrency platforms, including exchanges and wallets, have implemented this process. But what about exchangers?

Lots of them do not implement KYC yet. BestChange monitors those who have this procedure and specially highlights them. However, exchangers may change their rules, and when specific conditions are met, they can request your personal data. If you are not ready to provide it, select another exchanger.
We recommend you check the rules of every exchanger before using their services. This will help avoid unpleasant surprises.
It should also be noted that the verification procedure does not aim to violate your personal information.

This requirement is set by regulators, and reliable exchangers won’t disclose your data to a third party.